Imagine each organisation/user was run with completely isolated data, and you used something like google sign in for auth (so one global sign in, then oauth).
What wouldn't work? Global search, that I get. I struggle to think of other things though. Maybe whether links between issues across orgs updates? Every commit, diff, code browser, permissions for writing, reading, org level search, stars, would work with zero federated sort of search-y things. Package management, issue tracking, all that would be the same.
Forks followed by PRs? Not sure that would be much different - maybe you'd have to raise an issue on the original project with a link to your new repo & branch.
Some of my attraction to github is just that I am used to and like the UI, and I get annoyed on another platform where I don't understand the UI and don't know where to find things or how to do things (like set up free CI for open source project, or debug existing CI for a PR).
Other than that... auto-linking to issues, prs, and code (with auto-expansion of excerpt in issue) cross-project is nice?
But you are right, git is theoretically something where separate projects are fairly isolated, which does make it more mysterious that competitors are having trouble and it seems like github has some kind of network effect lock-in anyway. It's a good question.