I tend to think that it's the diversity that makes it worthwhile. Some people are going to want just one user operating their own hardware and software, some people are going to want to build communities that are lightly moderated, other people are going to want to build communities that are heavily moderated, and what gets moderated and why will be quite different.
I know "Web 3.0" is supposed to refer to crypto stuff, but I think the real web 3.0 is this -- different communities connecting together (or not, such as the case may be) and no centralized governance to speak of besides that which each community wants to apply. I mean, how cool is it that you and I are talking on completely different software platforms through a community intermediate that's a third completely different software platform?
I guess the real question is about something that's as monolithic as bluesky, but you can already connect with platforms like minds and it's just another type of community.