I’m running it in my homelab for projects I do not (yet) push anywhere public, and projects containing private items such as ssh keys. It is snappy and has a ton of features. I can imagine when the federation support works, one can set up their own git forge and contribute more easily to other forges no matter what software they run.

And, to be honest, that is already how git works if you use the email workflow. Here we just get a web based flow with federated issues and pull requests. But if email is enough for you, you can have a full federation with email and git.