I think this is an amazing project, and one that I see as forging a novel and extremely useful use-case for the ActivityPub protocol (beyond social media types of applications). I have some projects in mind that I would like to be free software, but choosing one forge over another, and experiencing the associated lock-in and poor ethical implications, is demoralizing.
The project leads appear competent and have considered the issue from many important angles, not just the technical, which is heartening when evaluating the likely success and health of the project.