@cwebber I question the assumption that a relay needs to store the entire network to be useful. Just gathering every reply/like/follow/etc that mentions one of my posts (and perhaps the posts of people I follow), and throwing everything else to /dev/null, would already be hugely useful, and if things are storage-bound (as sounds the case) might be dramatically cheaper.
(To be clear I broadly agree with you here, but seeing as all my friends seem to be ending up on bluesky I've done a lot of thinking about how I can be On There as independently as possible)