Having actually read this now, the biggest valid complaint is the same one rehashed in the past. It’s VC funded to start and the future there is uncertain. The board has openly discussed funding plans and There are some mitigations like having the code be open source from the start and almost completely self host-able with improvements to come at this early stage that try to fend that off though.
Saying Mastodon is better because there’s no algorithm is true of Bluesky too. And if they are seeing as much porn as it sounds like (unless you’re talking about Alf’s Hog or Tom Bombadill’s Big Naturals which were a bit like when Lemmy Shitpost goes gets on a bean streak) their feed was built by who they followed.