If the same authority is doing verification that is also doing moderation and both ultimately in a for profit setting, that has conflict of interest.

We dont know how reliable bluesky moderation will stay. We dont know how they will respond to political pressure. We dont know how they will monetize past the growth phase and then could also argue a “service fee” for verification.

In a perfect world none of these would happen, but then everybody could still be on twitter and be fine there.