Mastodon goes for real "decentralization" with tiny shards of the "content tier", which means:
1. There is a lot of intra-shard bandwidth but relatively limited inter-shard bandwidth. You can create a truly seamless global experience, with global search, recommendations etc.
2. There is no uniformity in user experience (say moderation-wise) as each shard is essentially a personal fiefdom.
Bluesky instead decouples the storage layer from the caching + serving layer. This allows data portability but still allows a truly unified view of the social network.
Users are free to choose between the two approaches and most overwhelmingly choose Bluesky. But it is not very thoughtful to criticize a pareto-optimal design point for compromising one property to gain another.