Suspicion is totally fair re BlueSky IMO. The system they’ve design seems to me (and others AFAICT) to have the potential to include interconnected components or sections with various degrees of independence.

The elephant in the room, which I point out on BlueSky whenever I can, is that no one seems to really be trying to build the hard parts of that out. Which is a shame because it could be interesting.

EG, there’s a chance that a hybridised system running both BlueSky’s protocol and the fediverse’s could be viable and quite useful. Add to that the integration with some E2EE, and it finally feels like an actual attempt at building something new for the modern internet.

Fortunately there is some noise around these ideas, so hopefully their system can outlast their finances. But yea, a rug pull is definitely not out of the question.