For example, Bluesky right now is ironing out a fairly novel moderation system. They are doing this not only transparently, but with the input and active involvement of the users. This takes time and it is also wise to complete moderation systems before opening the app up to everyone. Ineffective (or nonexistent?!) moderation systems are one of the biggest issues people have with many/most platforms including Twitter, and it is more important that they get it right than they get a zillion users overnight.
Crowning whichever one can "move faster and break things" as the winner is the wrong approach, and demonstrates a fundamental lack of understanding about the problems plaguing Twitter and other platforms.
Honestly, Threads and Bluesky are barely comparable given how different they are philosophically and on a lot of very fundamental levels.