I feel like Reels has been pretty successful though. At least a million times more successful compared to Threads. Threads sucks balls.
Considering I've used Twitter for over 10 years I can safely say it's at its worst state right now and getting even worse. But Bluesky needs more time to settle, since it's a coinflip on whether any social media platform sticks.
Bluesky does have some hope in that it's taking advantage of Twitter's failures (better than Threads did, anyway) to grow, and obviously the popularity and role of politics is influencing that a lot too. Usually, when one social media platform falls, another takes its place. Discord wouldn't exist if Skype stayed relevant and if Mumble or Teamspeak didn't flop.
edit for spelling because i'm dyslexic