The issue is that anything that becomes a standard here automatically becomes a target. If the same sort of captcha protects everything from Gmail to Twitter to Cloudflare and Facebook, then bot creators and spammers have a huge incentive to bypass it no matter what. And if we've learnt anything about spam, it's that pretty much every system we can think of can be bypassed or automated away. The solution is really a…
I have seen communities to implement their own captchas with domain knowledge. For instance, math/STEM people showing captchas with rather easy calculus tasks (such as solving a definite integral). This can be fun to solve and as a human you feel valued. It is this handmade feeling of the "old internet".
The problem with self-made captchas is that even them are rather easy to solve nowadays with LLMs and thelike. Therefore I don't believe that decentralized individualized captchas are the solution as they tend to be rather simple.