In my head at least, Bluesky are way closer to "the bad guys'. I don't trust them at all, pretty sure that in spite of what they say, they're going to do the same sort of rug pull that Google did with their "do no evil" assurances.
Funnily enough, I would actually flip it to say this about Kagi. With Bluesky, everything they have built is available to continue to be useful for people completely independent of what the folks over at Bluesky decide to do. There is no vendor lock in at all.
Kagi, on the other hand, has released none of their technology publicly, meaning they have full power to boil the frog, with no actual assurance that their technology will be useful regardless of their future actions.
Google was bad the moment it chose its business model. See The Age of Surveillance Capitalism for details. Admittedly there was a nice period after it chose its model when it seemed good because it was building useful tools and hadn't yet accrued sufficient power / market share for its badness to manifest overtly as harm in the world.