The concept might seem to make sense. Web 1 was read, web2 was read and write and now web 3 is own! But 99% of people pushing this narrative then explain how "own" just means using NFTs on some POS blockchain and having a metamask wallet or something along these lines.

It's smoke and mirrors built on a facade of nothing.

Web3 is telling someone that pepecoin token is somehow "owning" their data, because hey, look ma! It's on some grifty blockchain!

Web5 was said as a ironic comment to how actual self data soverignty is hosting your own nodes and servers opposed to using some pepe token.