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Sure, but the first time the other person would have to accept your self signed cert. There is no knowing that the cert presented the first time was actually from you and not someone else.
How would that matter?
Say my website sends you my homemade cert, if you don’t use it you cant communicate with me (or go unsecure).
Why myst some “trusted entity” emit tjose certificates? They are just a bunch of RSA keys!
Yes, there is no difference from your homemade cert compared to anyone else’s homemade cert.
So if someone else claims to be your website and uses a similar homemade cert there is no way to know that the site isn’t yours.