Bluesky isn’t federated (another privately owned monolith that’s promised it’s coming Soon™) and recently got funding from a company with “blockchain” in its name (and there’s already rumors that despite claims otherwise, ads will be showing up in the next year or so)
that being said, Bluesky does offer much better blocking, muting, and moderation options than Mastodon (Mastodon devs have been digging in their heels) as well as better on-boarding and curated follow lists