Bluesky is two things. There’s “Bluesky hosting”, and there’s “Bluesky app”. Conceptually and on the network level they have nothing to do with each other. These are different pieces of software running on different stacks and they are agnostic of each other. Bluesky the company happens to run both because it’s kickstarting this whole thing. But you can swap hosting (I just did) while using Bluesky app, or you can keep Bluesky hosting but use other apps in addition (like Tangled) or instead of Bluesky (like Blacksky).
Eurosky is a hosting provider primarily. They happen to also develop an app (Mu Social) but afaik currently that’s just a skin for the Bluesky app (it talks to Bluesky app API). Nothing stops them from removing that dependency (like Blacksky did) though and making it an independent forked app though.
So the answer is — companies and organisations in Atmosphere often provide services for different roles in the system. Some do just hosting, some do apps, some do other kinds of network infrastructure that is used by many apps, and many do multiple things at once.