Because there’s no social incentive for anyone to set up and maintain relays and moderation service when divorced from actual communities, what’s left are purely financial incentives - paid service, advertisement insertion, data mining, information manipulation etc.
Also the centralization of data distribution and moderation means they are huge undertaking now, both in terms of hosting cost and human cost, it’s almost forcing these services to be commercialized, or you can say discourage anyone not Bluesky from setting up their own relay or moderation service.
For all the faults of ActivityPub, the extremely “gated community” like approach provides the social incentive for users to feel a sense of belonging to a server, and for the server owner and moderator to feel a sense of pride and ownership over providing service to their users. Being within a valued community also incentivizes people to donate to pay for server cost and moderation effort.
ATprotocol will technically allow multiple relays and moderation services, but in reality how many will actually materialize?
As such I feel judging social networking protocols from a purely technical and adversarial point of view (like ATprotocol does) is a mistake, sure you are now no longer beholden to a server, but at the same time you are divorced from a tight knit community and you no longer have skin in the game.
When you have nothing to lose (data, identity and community wise), that’s a double-edged sword.