The reason I don't agree with that take is because, assuming Bluesky is designed and intended to be distributed down to the user level, there's hardly a point to throwing resources at a futile effort of moderation that's just going to be thrown out the window the moment they launch the distributed feature.
Another way to look at it is that the lack of moderation today might be an indication that they really are committed to being so distributed.
There's just not much point to wasting resources that way if their intention is to open the flood gates to really user-focused platform soon.