I know on a technical level, if there was enough interest in hosting and replacing some services provided by the company you could say bluesky is decentralized.
The reality is today it just isn't. It's users are finding out in real time. There are people over there celebrating the assassination of Charlie Kirk and getting suspended.
You'd think a place like bluesky would be a 'safe space' for posts like that, but turns out it isn't and the users have having an absolute identity crisis right now.