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Bluesky reminds me a lot of the "old" napster in a way. Essentially Napster was P2P, but you had to go through a central server to find files first. Then the server would say "hey I have this file" and the file would be sent from the other PC. It wasn't truly P2P as there was a centralized server.
Nobody in the 00s tried to even emulate Napster; once gnutella came out with it's serverless architecture and later torrents with first trackers and then magnet links passed around outside of a singular app, everyone learned their lesson right away on why Napster's idea was shitty. All it took was one big record label or musician lawsuit and the entire thing would shutdown and be dead.
Look at BlueSky; you run "part" of the network that goes through a centralized service for the most part. The centralized service can get pulled if there isn't enough business interest (which always happens), and it makes censorship easier. This is no accident, Big Tech employees believe NZ/Trump/J6/CVille/misgendering could have been stopped if only there was more censorship online to take out any precrimes, and HR goblins want you to self censor to avoid being banned.
Compare that to AP. You can still run an AP server if Eugen were to ditch Mastodon tomorrow and the Mastodon community would die from FUD (assuming they don't fork it). It's simple, but that's because it's not designed by HR goblins and censors.
This also means that when BlueSky gets a reputation of being the new ResetEra or Tumblr, it'll die. Twitter is still running on momentum for context, I see people kvetching about the new CEO having WEF ties but what do I tell people, they won't do shit (picrel; someone I know who won't move)