It would be worse. The site got bought out by News Corp (FOX's parent company) in 2005.
The site would be some kind of TurningPointUSA / DailyWire right-wing trash factory. Every song on there would be Ben Shapiro rapping or Oliver Anthony releasing the "Rich Men North of Richmond" techno remix.
I love it, but in these wonderful united states where myspace was based, let's just say bludgeoning people over the head with a direct reference is usually more effective than a more subtle approach.
Plus I would hate to drag all of Germany into our hypothetical corpo-hell by another name, even though MeinSpace is definitely the best sounding option. Even something like HeilSpace might not be direct enough.