Bluey was funded by the Australian ABC and British BBC. Both public broadcasters with a strong commitment to quality children's programming. It wasn't created to sell Hasbro toys or Disney merchandise or increase children's Youtube watch time. The merch and Disney streaming came later because the show is obviously brilliant.
Bluey isn't just good family programming. It is a snapshot of Australian culture and family values which would likely never be made in a world controlled by huge multinationals.