The thing is, bluesky is Centralised.
Yea you cannout you account info somewhere, but you need bluesky to do everything else. Yes other companies can run relays, but the amount of data and storage means it is very costly. A decent big size company would be needed. As more uses are added, those costs grow. which then would have to inject ads to help pay for it all. Then the authentication of your account still needs to be done centrally by bluesky.
It is a great twitter replacement as that is what it was designed to be.