I think Bluesky exists to demonstrate that people want the features that come with centralization without the oppressive platform lock-in. If Bluesky's moderation, TOS, UI, default feeds, etc. are intolerable to you, then you should be free to move your content and your network to an app with different moderation, TOS, feeds, etc.

Bluesky isn't marketing itself as a decentralized platform because it's not. It's an opinionated view of a decentralized network, and others are free to use differently opinionated views or make their own.