Don't know where I read it, but I also like this metaphorical comparison:

Traditional social media is like a shop, except the customers are advertisers and you, as a user sit on the shelves, waiting to be bought. It's made entirely for revenue and profit, everything else is secondary. The shop will gladly show you an advertiser that pays for your attention before showing you your parent's vacation photos or the important post from that group you follow.

A fediverse instance is like a community garden. Nobody is a product and nobody is buying anything for themselves. Instead, everyone grows the garden together. Some people took initiative and responsibility with running the garden (admins/mods) and others joined and shared the garden with them and supported the garden with funds and content.

In the fediverse garden, there is no other point than talking amongst each other and the garden is connected to other gardens that work mostly with the same principles and the gardens "cross-polinate" each other with discussions and content and through that help each other grow even more.