It was a distributed way to fund media instead of banner ads. I think it would have been a tough sell, but imagine if all the 30% stakes that PayPal, Apple, Patreon, take were direct to creators?
This of course would all depend on a reliable search engine that could actually find things worth supporting.
Instead we had Geocities and Live Journal jamming ads all over to make it a “free” service, until it wasn’t. Now we have Google, TikTok and Facebook to replace them but that could turn it all off whenever they want.
And he didn’t even pay the full amount.