I'm not an investor and have no conflict of interest with Bluesky beyond being one of the earliest of users. I also understand the protocol, the company, the website within my own limitations.
The site (and app) works just fine. Folks are really focused on finding problems rather than coming up with bigger and better solutions.
Note: the majority of folks don't want an ad-hoc p2p solution like lemmy or mastodon. they want their content in one place, and they want to be able to hold that entity accountable. Because of this, p2p social networking will never take off. I've seen more drama surrounding both Lemmy and Mastodon than I have ever seen with twitter, reddit, facebook, etc. combined.
That's my 2 cents. Also, apparently my spouse feels the same way. So do my friends.
It is decentralised in both theory and practice.
The only thing you could potentially say is that because Blue sky run the biggest parts, it's not decentralised at the community or mind share level, but that's changing.