It is more complicated than that. There are multiple different server components that make up Bluesky and its federation. The PDS (Person Data Server) is what they’re mostly talking about in that press release. You can however run all three major server components yourself and setup a completely separate network that would then federate with Bluesky proper. It’s quite different to Mastodon and other ActivityPub services (where you setup a Mastodon, Lemmy, WriteFreely, etc… instance and then federate).
Still, at present it does feel a little pointless.
“USB 4 2.0”… someone should really do something about the incredibly goofy naming scheme.