Media outlets would try to stay neutral and describe it from the meta-perspective (no pun intended), but would have hard time doing so. The New York Times would write long, interesting articles describing clashes between instances, media observers would analyse the impact that it will have on matters of societal debate new, words from the fediworld would be introduced into daily language like “you sound like someone from the opposite end of the fediverse”, “defederate yourself” or “build your own instance then!” etc. etc.