ATProto also has the downside of being supported by a corporation and investors with various backgrounds that will eventually want to earn something out of it all and there is no telling how this will happen.
If I set up a get rich quick scheme based on overhyping and selling land, it doesn't matter whether I buy the land today or it's land I had for decades for a completely different reason. Either way I'm going for a quick buck now.
Like what?
Bluesky is a small team of like ~30 people, if they keep running lean they have at least a chance of a decent profit margin. But none of that will make anyone a multi-billionaire, so never mind.
For consumers, plenty of ads and plenty of tracking. For businesses, heavily-restricted user-to-server APIs and features gated behind subscriptions, think custom domains with Bsky hosting, multi-user post approvals, integrating DMs with customer support systems etc.
You can do all of that while still being fair to and interoperable with the rest of the ecosystem. As long as you don't want the convenience, features and UI of Gmail, you can still communicate with Gmail users from any other provider, and the same could be true about Bsky.
Sounds like reddit 15 years ago