The final paragraph seems like a huge leap from your (very convincing) earlier paragraphs.
Reducing/removing notability guidelines does not necessarily open the flood gates to some kind of social network with a wiki page for every individual on earth :P
That said, I really hope a wikipedia fork gains popularity and is merged back later.
Was engaging in a bit of artistic license there but I think it's certainly possible.
Once the notability threshold is gone and people realize they could make a page for themselves, their family, friends, their dog, their band... Well some people will do that. This can easily be turned into a crowd sourced version of any social or blogging service. It grows faster because one user can make pages for 100, 1000 people. It grows faster because the total lack of privacy and editorial controls make it more interesting (right up Google's alley btw). Lack of anonymous commenting means people are ultimately subject to libel laws.
Reducing/removing notability guidelines does not necessarily open the flood gates to some kind of social network with a wiki page for every individual on earth :P
That said, I really hope a wikipedia fork gains popularity and is merged back later.