I can't tell if the Bluesky team is bad at business or planning some sort of eventual rug pull. They're certainly a for-profit corporation without any evident way to generate profit, and their words and theoretical design all sound like they're not easily compatible with profit, but multiple profit-focused entities have given them a lot of money for something that, if implemented as envisioned, will not make them any richer.

My only guess is some form of Embrace-Extend-Extinguish where the core server is better than the rest of the network, but the network exists to assuage fears about another social network implosion or protect from potential antitrust issues while not being a real threat, but it feels like a complicated way to make Twitter 2.0 and get rich.

As long as there's a profit motive involved, enshittification seems like the expected conclusion. We could just be at step one. From Doctorow's description of the enshittification cycle:

Here is how platforms die: first, they are good to their users; then they abuse their users to make things better for their business customers; finally, they abuse those business customers to claw back all the value for themselves. Then, they die.