I might be wrong, but this feels kind of like a fusion of Mastodon + Nextcloud. Meaning that you have a social/federation-first framework that allows you easily build apps on top of the framework that extend the ecosystem (similar to the way that Nextcloud apps can be easily written and deployed on a Nextcloud server and can integrate with various server features and interoperate with other apps).
It seems like this could be really cool! It could help fix one of the current challenges I see in the fediverse which involves a splintering of accounts that you post from. For example, I often see organizations with accounts for both Mastodon and PeerTube. It seems like Bonfire would possibly allow for for a single account that can be used both on a "social" app and on a "video" app....