People are excited right now because it's invite only. It's got an air of "exclusivity" to it and people just can't handle that shit. Lemmy should have done that instead of that email verification nonsense.
The next disappointment waiting to happen in a couple of years. I predict the headline will be something like "Corporate greed strikes again, Bluesky is going against its community"
It's meant to be a decentralised version of Twitter. I think it was originally made by Twitter but is now a separate company.
But I don't think it uses the ActivityPub protocol that Lemmy, Kbin, and Mastodon use, so it won't be interoperable with them. Also, it's invite-only for the moment. So if you want a decentralised Twitter-like experience right now, you could use Mastodon.