So, what users are correctly worried about is if Bluesky is going to come to the end of their runway.
This is what happens when you take a bunch of funding and don't make any money. If you can show "growth" you've got a "story" that can get you another "round." No growth, no story, no more money.
This is markedly different from the Fedi, that lives within its means, thanks to our amazing instance operators and user donations. Here there is no runway, so no one can pull the plug.