We are going to need an Activity Pub 2.0 which fixes the major pain points in the eco system. It must be backward compatible with 1.x, but will introduce new, more scalable, extensible, interoperable ways of doing things for a larger federation and ecosystem. Systems using 1.x can signal it, and those using 2.0 should accept 1.x activities. Those using 2.x can run an upgraded protocol, and when signaling has reached a certain threshold, the old 1.x API can be sunset.
I think the first task on this track is to broadly outline the high level areas that need an upgrade, before drilling into the details. Split AP into its logical functions e.g. identity, payload, discovery, serializations (including parsing), namespacing, ontologies, authentication, signatures, c2s/s2s, large media types, version signalling, extensibility, authorization etc.
Different people will want to work on different things, so maybe the first step is to poll people to see what they want, what are the pain points, and then propose a new spec that gets most of it in.