Yes, the trust and content moderation needs to be a central part for the social network to be successful. The P2P aspect is a technical detail but in order to invest into yet another thing, it needs to have certain attractiveness.
Why are HN people moving to lobste.rs? Because it is an exclusive community.
To give an example on how I think moderation should work. If I follow you and you follow me on some nonexistent platform Y. You see the content I upvote, and I can see the content you upvote. So we'd start with block all by default, with transparency of why something is in one's list.
I pitched a P2P platform like this years ago to NLNet (taking heavy inspiration from I2P's Syndie app, minus the funky UX), though I didn't manage to get any funding due to missing clout as a public developer; to lead such an effort.