@eob As it happens, @aral has actually done a write-up on this very subject yesterday. https://ar.al/2022/11/09/is-the-fediverse-about-to-get-fryed-or-why-every-toot-is-also-a-potential-denial-of-service-attack/
At the moment we're still talking about tens of thousands rather than millions, but from these early indications it seems like most of the burden will fall on the popular user's instance. Something to keep an eye on as it develops further though!