I found myself chatting with my dad and brought up the topic. I couldn’t come up with any actual advantages a federated platforms had. The main reason I use any federated platforms is because they’re either not as enshittified as the alternatives or run by huge dickwads. Since it mostly fits those criteria, I’m on Bluesky too, but once that goes I’ll either switch to another un-shittified platform or Mastodon.
But on its own, what advantage does a federated social media have?
In your example, if bluesky goes you lose it all (until/if their form of federation actually exists and is usable). If the Mastodon server I’m on (toot.community, because I like the name) goes, you move to another or host your own and keep on trucking.
When reddit did their API shit i left and lost the account, subreddits, apps, everything. When Lemm.ee announced it’s shutdown i moved to lemmy.zip and picked up exactly where I left off.