This is yet another version of the ridiculous "we're decentralized in theory so it doesn't matter that we aren't in practice" argument which the article does address. In practice it is chained because they are in complete control of the real-world use of it.

People are even worried about Google's control over Android recently and Google has much less power over AOSP than Bluesky Corp. has over ATproto.

What is swivel-eyed is believing that Venture Capitalists won't do the thing they've historically always done in the past when they're in control.