This is also my take and I feel like we've seen this play out enough times to see where it's going. The protocol seems to allow decentralization, but that hasn't happened enough to protect against enshitification. If bsky decided to disconnect their main instance from the others, most bsky users wouldn't even notice, but third-party instances would likely implode.

The happy developer relations is to encourage people to develop on top of this "open" platform, but it's hard to imagine that's not just growth hacking.

Why not build on top of protocols that are actually open and will still have decentralized usage in a decade?