This video showed up in my feed yesterday. LuvstarKei makes some great points for building your own space on the web.
With the most recent Twitter / X exodus, it's great to see folks moving to places built on more open protocols like AT (Bluesky) or ActivityPub (Fediverse).
That said, those platforms are not your own, even in cases where you self-host. If tomorrow Threads, Bluesky, or Mastodon stop hosting your instance or stop development altogether, what happens to the content and your community? In the case of the Fediverse, many projects are being built in the open and there are other providers you could switch to. The switching costs though may not make it worth bothering to export and keep your content as is usually the case. That's not to say with a personal website you might not have similar issues (i.e. switching from WordPress to Ghost). However, HTML is HTML and you can rehost that anywhere on the internet.
Everyone is looking for different things from the social platforms, and that's not to say they don't have their value. However, from an ownership, permanence, and creative freedom perspective, nothing beats having your own website.