(The following is more of my personal 'color-commentary' on the matter.)
Spoken from the perspective who didn't even create a Twitter account in the first place because I didn't think it was particularly useful, I'd say this is "just another RSS-feed combined with a popularity contest".
People who like that kind of stuff will try to replace their Twitter/"X"/"Xwitter" account with it - which has been "dead" for quite a while, but people love their inertia. ...and if they "had to" switch it would be like having to admit to making a "mistake", so they feel that they need to have an excuse. Like a mass-exodus. Basically every misstep from "Chairman Musk" would have cause this...
Personally, I view this as an opportunity to interview people for feedback, so I know if I should switch to recommending 'Bluesky' over 'Mastodon' ( https://mastodon.social/about )
Also: I think Elon Musk will just _buy_ Bluesky next and forcefully merge the services, if "X" becomes too unpopular. The man isn't exactly known for his originality. (It's imaginable that 'Bluesky Social, PBC'[?] was banking on such an outcome from the very start.)
Finasty
Bluesky is another version of twitter, everything look the same except there's no micro transaction (well it was made by Twitter Ex-Employee) so no need to be worry about learning the social media again