The decentralized version is more valuable.

Bitcoin is worth $1T and PayPal is worth $64B.

Ethereum is worth $400B and Stripe is worth $65B.

So, if Farcaster really takes off as a protocol, and it’s getting there, it could be even more valuable than existing social media companies.

I agree in terms of value creation. A decentralized social network would have and give more value than a centralized counterpart.

However I would not interpret it as a "more value can be captured" type of situation.

Point of dApps is to be owned by nobody or everybody.