That said, let's get to the summary: Bluesky / ATProto are not decentralized or federated, according to my analysis.
However, the "credible exit" goal is worth perusing, and does use decentralization techniques! But it is not decentralization/federation without moving the goalposts on those terms.
Furthermore, I think Bluesky is providing something valuable: a lot of people are trying to leave X-Twitter *right now* because it has become a completely toxic place.
The fact that Bluesky's team has managed to scale to receive such users is incredible, nearly feeling miraculous.