Technology
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Relative obscurity is an aspect of it for sure, and I imagine networking effects are a big part of it as well. Accounts with a lot of followers tend to drive where people migrate. When a big account leaves twitter to bluesky they can pull thousands or even millions of users along with them. Meanwhile, people moving to Fediverse end up having to abandon a lot of the people they were following as a result. It's also a lot easier for an account to grow on a centralized platform which is another reinforcing factor here.
Seems like those big accounts always choose to go from corporate platform to another corporate platform. They almost never choose to move to the fediverse.
I suspect it's because it's easier to have a mass following on a centralized platform. A federated platform will inherently be at odds with that. I personally don't see that as necessarily a bad thing either as it makes the Fediverse unattractive to commercial interests and marketers.