Concretely, Bluesky has an AppView that takes posts from relays and PDSes, subscribes to moderation labelers, filters posts that have labels which have certain labels, then displays them in the browser. Blacksky is the first independent implementation of relays and other large components of the system.
The default Bluesky AppView subscribes to the Bluesky Moderation labeler which cannot be disabled. No independent AppView has been made which can turn off the Bluesky Moderation labeler. That's all.
I have my concerns over the network, namely DAUs decreasing and community politics, but the tech is largely a matter of time I feel. It's true that the ActivityPub ecosystem has a lot more federation happening but ActivityPub is a much older system (which itself derives from OStatus which originated in 2012-ish.) Mastodon was released in 2016. It's bound to be more federated than Bluesky.