It probably would, but if you federate hosting, you’ll need to agree on things like “what file size is acceptable” and “who pays when a scraper fetches terabytes of data in a day”.

Even with something like torrents or IPFS, someone needs to sacrifice storage and bandwidth to keep every file around. I don’t know of any good federated hosting solutions that would provide an experience acceptable to someone scrolling through a feed. The closest I can think of is one of those web3 scams, but that’d add the difficulty of variable storage costs (and inviting cryptocurrency traders).