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Slashdot -> Fark -> Digg -> Reddit -> Lemmy
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or make a non-profit. archiveofourown have ~20% of reddit's traffic and run purely on donation.
That might work too, but I feel like it could be tricky to fundraise if there's 1000 equivalent large-ish instances.
You'd have to have a hook - guaranteed performance or uptime. Maybe some niche feature set or enhancement.
I think it's similar to some of the other open source vendors out there that sell a service that they host, but do not actually own (even if they are one of the open source project contributors). You can't get too greedy because the thing you sell can be sold by anyone, so you have to compete on price and "extras". Not the easiest way to make money, but it's not unheard of.