for example, because it does not solve the issue of private messages, which to the best of my knowledge are still only possible within a single relay-appview silo.
It also, as far as I understand, does not solve the did:plc being the most widely used did, and fully controlled by bluesky-the-company.
there are probably a few other such issues, described in depth here:
https://dustycloud.org/blog/how-decentralized-is-bluesky/
and bluesky-the-company will have to start making money for its VC investors at some point…