https://github.blog/news-insights/the-library/browser-monito...
tl;dr - anyone can run a labelling service, users have choice which one(s) they use (Bluesky &| 3rd party), competition and network effect will surface the good ones and weed out the bad ones.
This concept is going to be extended to community notes, sometime this year I suspect
I think it will be more successful than Mastodon has been.
Though people do seem to prefer a consistent moderation policy, even if it's harsher. People don't like to have free speech about the things they want to speak about, and have another group of people choose to ignore it. They want to either speak to everyone at once or be blocked from everyone at once (at which time they make a new account).
The reason Mastodon | ActivityPub is not on boarding users like Bluesky | ATProto has a lot to do with the friction and discovery differences. ATProto was designed in part by understanding where ActivityPub had limitations and rough edges