@Michael_Spencer On the birdsite I think they are either geographic or global. Here they are instance-local in the same sense as the federated timeline, which means they should be much less noisy and much more tailored to an instance's average interest.
So yeah, agreed, they seem to be, on mastodon, a new and exciting variation on the hashtag theme.
@Michael_Spencer Everything is a bit odd when you compare federated to centralized (or even distributed).
Having them as "global" hashtags would require each instance to maintain a full index "hashtag->toot". So, all hashtags, all hashtagged toots. Would take a bunch of space and quite some CPU over time. It would also require all hashtagged toot to be broadcasted to (every) other instance, so network-intensive as well.
That's not how a federation operates. :)