A lot of people in the #Fediverse are saying that Threads joining is a form of "Embrace, extend, extinguish" and IMO I don't think that's the case.
There's no need for Meta to kill this network or absorb it.
ActivityPub by design favors big servers like Meta's, it also not being nomadic (like BlueSky *cough*) means that users can't easily jump ship from a server they don't like.
I already see the #FediPact posts discussing leaving notable servers like Mastodon.social and it's silly IMO.
By design this whole network was built on shaky ground and when discussion of any Bluesky style improvements came up most users flipped out.
We'll be here again and again until those improvements come, if they ever come.
Reality is Meta knows they're king already and they don't need the regular users on the Fediverse.
IMO they want the WordPress profiles.
They want the illusion of freedom for celebrities and corporations.
"Host your own Facebook Page" basically.
I also lets them duck any regulatory oversight.