I’m not even sure it can, unless they want to pay server operators. Who would do that for free for a for-profit company? And if they’re ultimately supported by the top, they’re still centralized.
Not that it’s super expensive to run a server, but it ain’t free; at least in a place like the Fediverse, every transaction is voluntary all the way down to the financial support, because any part may choose to participate or leave as they see fit.
I don’t see how BlueSky can replicate that and still chase profit.
The bubble popping doesn’t have to do with its staying power, just that the days of, “Hey, I invented this brand new AI
that’s totally not just a wrapper for ChatGPT. Want to invest a billion dollars‽” are over. AGI is not “just out of reach.”