Several people have mentioned that "you can just own your own data, so that's enough, right?"
Interoperating with Bluesky requires you to either 1) opt into the did:plc standard, which is a centrally controlled certificate transparency log, or 2) have all your users create did:web accounts by manually setting DNS records.
So it is not possible to build on Bluesky at all without opting into this centrally controlled layer. This original post covers this, but maybe not in enough detail to stop commenters from missing the point.
Bluesky the company controls 95%+ of PDSes in the system, which control users' private keys, and they're extending PDSes to include more functionality that prevents users from easily exiting the network, e.g. private data is being implemented in a way where Bluesky LLC can see all your activity. The protocol changes often and with limited community input.
This is being done because "there are no other ways to do it" and "our users are okay with it". The community does pretty consistently attack people who dissent (e.g. look at what happened when Mastodon leaders objected). There's a lot of cheerleading for people who do opt into the system, and there's really no incentive for informed criticisms.
It's not really decentralized or neutral infrastructure; it's a great network for a number of specific subcultures who have a nice space away from X, and I hope the team embraces that.