Git is designed to not need centralized hosting. Centralized hosting emerged after Git was created because:
  1. the UX was better
  2. discovery was better
  3. coordination was easier (alternative is email patches)
  4. features could be added easier (e.g. a GUI for pull requests, issues, discussions, reputation, etc.)
We never needed GitHub. We can easily live without it if need be.
It would be a big blow to lose the coordination features in github. To be fair though, there are several alternatives that offer something at least very close to the same level of tooling:
gitlab, gitea for example? A very quick ddg search threw up this table (which may be biased given its source, so pinch of salt!):
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Gitea is still centralized, but yeah, it could at least be hosted by someone who doesn't have GitHub's (owned by Microsoft) incentives.
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