Yes it is very possible to spin up an EOSIO chain yourself. You do not have to use the EOS mainnet's existing balance as a snapshot for your new chain, you could start fresh. Atomic swapping is possible with LiquidApps's LiquidBridge or with a centralized solution.
Though this is more a place for tech related questions good resources would be:
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in short you can not trust fully the contract as long as the keys controlling the account to which the contract is deployed are still in the hands of a person.
the solution can do several things, two of them are mentioned below:
You can multi sig the contract to trusted members of the community.
You can resign the ...