You joke, but Mastodon could’ve learned from the history there, at least in the US. AOL in particular had a huge mainstream user base that didn’t really understand what was AOL and what was Internet. Witgout that gentle introduction, yes, many would’ve have been stuck trying to figure out which company to use to get online for longer.
AOL also charged you $15 a month for an email subdomain, whereas on Mastodon that kind of lock-in wouldn't exist. Creating an AOL-like company for Mastodon doesn't work unless your ultimate goal is to be blocked by every major federated community.
Sure. AOL was also a commercial service and joining Mastodon.social is free. A facade over the Internet would look different than a facade over a federated social network in many ways.