I've noticed this as well, past couple of years it has turned into more panel/ytuber focused, less about the actual projects showcased on the ground floor. Not to mention, it is pricing out many from attending.
This is the right attitude. The amount of people who's world crumbles when they get banned and heavily depend on its engagement and income is too high.
In terms of Bluesky/Threads, etc. When a platform's intrinsic value is that, "it's not the other platform", it won't last or will only track very niche and closed-off groups. What does Bluesky offer that is unique/different?
Federation, as the post mentioned, is something the average user doesn't care or is beyond their comprehension. Too much friction as it is implemented, the best way is to organically and transparently implement it, if it's even possible.