Elitism and selectivity were actually features of the early Internet. High barriers to entry (tech savvy, literacy) ensured that there was a high signal to noise ratio, and thus you had, let's say, upper quartile participants concentrated in one (forum of) fora.

I disagree. I'm of the Neopets/Pokemon forums generation. Elitism and selectivity were not what made that era a good balance between the caustic free-for-all we have now and the rich kid's playground from before. It was the technical and practical restrictions on what you could put in and get out of a web experience.

You couldn't upload thousands of thirst traps every month, because storage was limited. You couldn't summon another head of the dropshipping or affiliate marketing hydras with a few clicks, because the infrastructure didn't exist. You couldn't inundate users with dark patterns designed to extract every ounce of attention, data, and cash possible, because the rich web wasn't that rich yet.

You had to deal in text and reasonably-sized images on a CRT with a limited-bandwidth pipe feeding it all. Because of this, many of the techniques developed to transform so many other forms of media and so many other institutions into Capitalist hellscapes and high school, respectively, didn't work online. Until they did.