You can launch whatever you want, sure. My business powers 6000+ independent self-hosted social networks.can't another company just come up and take over?
But growing and reaching an audience is not that easy when FB is also slowly monopolizing web advertising, and is prone to shut down your ad account for no reason, without warning, and no way of appealing the decision.
If this suit has a spot for people / businesses filing their testimonies, I'd be more than happy to throw in my company's position on this.