I like the attempts by William James to define religion better than most others that I've found:
Religion, therefore, as I now ask you arbitrarily to take it, shall mean for us the feelings, acts, and experiences of individual men in their solitude, so far as they apprehend themselves to stand in relation to whatever they may consider the divine.
Were one asked to characterize the life of religion in the broadest and most general terms possible, one might say that it consists of the belief that there is an unseen order, and that our supreme good lies in harmoniously adjusting ourselves thereto.
James, like the UB, is speaking of what is at the heart of religion. Religious insitutions and organizations may arise with the purpose of supporting and preserving religion. They may succeed or fail in this. For any religious institution you can name, I think you can find many who have found true religion through it, and as many who have been driven away from it. I wouldn't expect the UB to be any different in this respect, even though it's not an institution or an organization.
In the history of Christianity alone, there have been many, many examples of people breaking away from the institutions of religion in order to form small communities for the pursuit of true
religion, until these communities themselves become institutions from which a rising generation feels the need to separate itself for religious renewal, etc. That this hasn't happened yet, on any noticeable scale, in the community of UB readers is probably a result of the fact that there are so few of them, and they are scattered so thinly around the world. Study groups tend to be very small and informal, needing to accommodate the quirks of individual members, but even at the study group level, people can be and are excluded if their views or manner are not congenial to the rest. Some study groups become larger, and acquire a more definite protocol--a liturgy in the making.
If the UB becomes more widely known and believed, I have little doubt that religious institutions will arise to support it. There are Swedenborgian churches, even though Swedenborg himself didn't "found" any church. I'd expect something similar in the UB diaspora, when it reaches critical mass.