they are in complete control of the real-world use of it
They're not. I mentioned Blacksky.
As I understand it, their endgame is that Bluesky will be a big fish in a pond of other fish, and that the best way to get that fishpond is to make Bluesky as good a product as possible, hence the (limited) VC money.
As a strategy it has risks but so does the alternative. To make the obvious comparison, UX on the fediverse is rubbish, with an incomprehensible onboarding funnel, amateurish design, servers that keep disappearing. There's a reason Bluesky has eaten the fediverse's lunch.
With respect, I think people here are making this into a sterile religious war when really it's a disagreement about strategy. Some of the people who vouch for Bluesky I have been following for years. They want exactly the same things as most people here. Personally, I see no reason to question their intentions.