It is the same exact story with the whole framing of Bluesky, sure in theory you can have an alternative to the Corporate Offering, but it is going to be a hobbiest kind of DIY project for people into that kind of thing because they find it fun, not a serious decentralized alternative to a corporate stranglehold over our media.
Bluesky is a perfect corporate hedge on social media because they can always claim that in theory it is a decentralized social network when it functionally never was or never will be because that would existentially threaten their road to profitability as a for-profit business.
The most sickening thing is that what matters most is imparting a story into the average person, reaffirming a belief that their momentary thought about social media along the lines of "what if I could have this but not under control of a shitty company?" was errant, that this is a fundamentally naive and idealistic outlook and should be shunned with condescending, derisive humor when brought up around people in expensive business suits.
Not for-profit, decentralized social media is permissible as a hobby project for programmers to advertise their skills and write cool blog posts about, it is not permissible as a practical, realistic, already existing reality.