Looking at the people who immediately joined and this being presented at WEF, this looks less like an EU BlueSky or X and more like an EU Truth Social - i.e. the core users seem to be EU politicians who don't want to depend on a platform owned by their political opponents for reach and so want to have their own platform.
It isn't so much about platform owned by political opponents as platforms now being political and/or that we always have to assume they come with a political agenda.
Their splash page is the sentence "Trust Your Feed." in gigantic font. I'm not sure what that could possibly be interpreted as other than an inherently political promise to shape the feed away from sources they consider untrusted.
