Blog post by Christine Lemmer-Webber, co-editor of ActivityPub: https://dustycloud.org/blog/how-decentralized-is-bluesky/
The likely answer to this is that there will always have to be a large corporation at the heart of Bluesky/ATProto, and the network will have to rely on that corporation to do the work of abuse mitigation, particularly in terms of illegal content and spam. This may be a good enough solution for Bluesky’s purposes, but on the economics alone it’s going to be a centralized system that relies on trusting centralized authorities.
People fleeing twitter to bluesky are like frogs jumping out of one boiling pan into another pan that's slowly starting to heat up.
The value of social media is 100% in who's on it. Vast majority of people neither know nor care what the fediverse is. They just know a lot of people who don't suck are moving to bluesky.