I feel like bluesky is just an attempt by a lot of institutional powers that lost a platform when Elon took over Twitter to make what essentially is a clone of Twitter circa 2018.
What a lot of people forget is that, even before Elon, Twitter had become super toxic. It was basically some pseduo-progressive echo chamber dominated by lazy journalists, virtue signaling politicians, and toxic hot takes divorced from reality. The moderation system was just selectively enforced based on whatever Twitter's SF HQ thought was relevant that day.
I like the idea of anyone being able to spin up their own server and have a space for discourse. While it can be dangerous, I'd strongly argue that having a centralized private organization deciding what is/isn't acceptable is a lot more so.