I see why you think that, and I agree threads sucks. But bsky is actually fully open source and they are actively working to make federation better. I do think the current leadership genuinely cares about making a federated platform.

Will they enshittify? Yes, probably when the current ceo leaves. But by then other services will have popped up, and ATproto is built in such a way that you can move services without your current service's consent.