I've another reply to this article. If you missed it, bluesky appears to be an attempt to re-create an already-existing open source federating API. Why? Probably an attempt to grab control of something that could become important.
I'd have edited this reply but it had already gotten some claps and a reply, so that seemed unfair.
As an aside, my bias is that any social media can be quite miserable - that's how humans work. But it can be made quite a bit more miserable (add people looking to spread misery for their own enjoyment AKA trolls), set overall defaults not under user control to make it a bit onerous to avoid those trolls.
It can be made a bit less miserable by making no-broadcast the default, users add whomsoever they want to 'follow'. There'll still be some misery (comparing your usual life with other people's 'a-rolls') but that seems irreducible.
Trump has nothing to do with it. But leaving Twitter is an opportunity to cost Musk money.