It's slightly more than a green(blue?)washed Twatter.
The fact it's getting such a stellar rise over Mastodon is imho a bit sus - people behind it have coin & reach (political), I'm sure monies are being pumped into the bluesky sensationalization, like influences & media articles.
Twatter has/had a lot of monetization potential & now is even more of a (really incredibly direct) political-tool, there are bound to be interest groups that would benefit from cutting it a bit. But all of them want more monies, so they ofc won't help fossy things.