My experience with Bluesky has been similar to my experience with other "disruptive" platforms like Cara (the anti-AI art portfolio app/site).
When a "new" (usually overall non-corporate) internet space opens up that, in theory, caters to a broader audience, the most immediate colonizers are the type of people that have some sort of "underground" bent to them - subcultural things like furries, erotic artists, etc.
Opening up Cara produces an avalanche of large-breasted foxpeople, and the last time I opened Bluesky I was met with a photo of what appeared to be a boy in his underwear. Mastodon has its dubious reputation also for child pornography.
I'm just saying, the mainstream internet is moderated for a reason. Being mainstream, there's money behind it, and with money comes power - this results in moderation that is usually politically motivated, and so in recent years there has been an exodus of the masses to low-moderation platforms like Tiktok, or things like Kick for younger users.
When a platform or site is staffed small, such that it cannot afford to moderate, it will be suffocated by the "undesirable" groups I mentioned, earlier, as though they were some sort of choking algae. There are so many of these people "empowered" these days that, from what I have seen, it is really hard to start new social media sites without corporate resources. Twitter is already plagued with OnlyFans bots due to being smaller now, and streaming platforms are forced to aggressively build themselves to be resilient against similar sexual content creators, who are the first people that show up. Most times these creators will be working for an organization.
In the end...could Twitter have existed in a non-sh*tty form in the first place? It was rapidly approaching bankruptcy when Musk was (in the end) forced to purchase it (lol). If not him, someone else would have acquired it, probably a corporation, and monetized the content to keep it afloat.
I think in the end, the landscape is going to look more like Tiktok (computerized moderation) for anything beyond Meta. Smaller social media platforms will be seedy and not widely populated. Forums will continue to be used by countries with their own internet ecosystems, like Korea or Nigeria or Finland, but not really exist in global lingua franca English beyond a handful of major ones like SomethingAwful.