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Why are fediverse admins blocking out threads?
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I suspect it's even worse than that: they'll make it one-way only. So from Threads you can follow and interact with Mastodon users, but you won't be able to follow and interact with Threads users.
That way, they can position themselves as the entrypoint to the fediverse without contributing anything back, and lure everyone into Threads. Especially with the ties to Instagram accounts: easiest sign up for the fediverse because lots of people already have Instagram accounts.
Normies will only care about being able to follow external users, not the other way around. They'll be like "well just make a Threads account, that way you get everything".