The way that it is distributed is centralized and controlled by a single party. You can generate content all day, but unless the algorithm pick you up and make you popular, your content may as well not exists.
The consumer doesn't choose what gets fed to them. Neither does the producer. Tiktok chooses who gets to see what. It's absolutely centralised, with crowd sourced content.
The information is decentralized (a hundred million different sources...), just not the infrastructure.