No it's not. Every time they have an outage more folks jump to other Git hosting alternatives. The biggest free software projects like Freedesktop, GNOME, KDE, are all self-hosting GitLab. Folks concerned with their data and the idea of US sanctions and corporate control look at projects like Codeberg. and Folks tired of slow UIs and ‘social’ moved to SourceHut and cgit. The thing that keeps replenishing the proprietary platform is new developers being told they need to put their projects on Microsoft GitHub.

Arguing decentralized version control, like Git, should have a centralized home is antithetical to the tool.