If the gov't will be in charge of it then it will be shit as all government services are in general. If there is no profit in it for someone the platform won't improve. It's the classic "the capitalist owns a restaurant vs the people own a restaurant, but which has better food".
Can’t be worse than privately owned Twitter or Facebook.
1. There’s a lot of backlash against Twitter’s new owner for his change in editorial policy. Users or tweets that would have been previously removed are no longer being censored. On a government-run platform protected by the first amendment, no censorship would be permitted. That’s mean you would have, for better or worse, a ton of racist content, conspiracy theories, violent images, pornographic images, and fake news.
2. There’s a lot of concern of data security and privacy. If you don’t trust Zuckerberg with your data, would you trust the government?
3. People flock to services that other people widely use. There are numerous social network alternatives these days, but people still flock to the major ones like FB, IG, TikTok, etc. Would anyone want to use FedBook? I have my doubts that a government-run social media platform would gain any real traction.