What I will say is that we can't keep doing the same thing and expect different results. When BlueSky does it, when InstaThreads does it, when Tumblr does it, when LiveJournal did it, Facebook did it, Twitter is doing it etc. etc. Of course they did and of course they will. It's been going on for decades. Why would anyone be surprised?
The social media VC model was always unsustainable and always predictable. Social media that works in the long term was always going to be difficult, expensive, janky, and messy. It was always going to take work and community.
That's where we are now with the fedi, and that's why comparisons of how it measures up to Twitter or whatever all fall wide of the mark. Try to be like Twitter and it will go the way of Twitter. Again, these patterns are not new or surprising, and while I can understand why some might want to deny reality, for my own well-being I can't indulge these illusions.