People like me also like Bluesky. In fact, I’d go so far as to say that people who like record stores all pretty much like Bluesky. And that’s probably the right frame of mind for thinking about text-based social media in general. It isn’t a dominant media institution anymore. It’s niche. It has some cultural cachet, but you will be disappointed if you expect it to recapture the glory days.
Maybe text-based social media was always niche. That's why I like the fediverse. It doesn't have to be text-based. You can choose your preferred medium and still interact with the others.