Jesse Singal is a well-known transphobic journalist who has apparently joined to Bluesky to stir up shit.
If he his banned, he gets to whine "Help, help, I am being suppressed!" which is good for ratings with his transphobic audience.
If he is not banned, more transphobes will be encouraged to go to Bluesky and eventually turn it into a transphobe-fest like X is.
The moderation team of Bluesky decided not to ban Singal, and thus have gone for the second option.