Gregory's Server
I would summarize my view by saying that Bsky is semi-decentralized but NOT federated. It's a model of publishing akin to RSS, with the AppView serving as Google Reader / Feedly equivalent.
And like Feedly / Inoreader, Bsky adds a bunch of *centralized* features on top of "RSS", which complicates the term "decentralized".
The problem for Bsky is that RSS is not a social network, and the most "social" of Bsky's features (e.g. global search, DMs) are therefore the most centralized.