I actually only care because it makes it unviable for a takeover. Apart from that for all intents and purposes it's Twitter, the fact that it's centralized do not matter to usability
It seems its decentralised nature is a hindrance to some or many potential users[1]. My impression is that it's often treated as an alternative, but not really a truly viable alternative, and the field is wide open for something better.
1. For example https://twitter.com/hwkanderson/status/1588523823426859008