I wouldn't underestimate the power of building up slowly and making sure you get things right. It's what the fediverse and mastodon have been doing.

Right now, no one is happy with the state of social media and no alternative looks particularly great to everyone, so during a state of flux, writing off anything is probably a mistake.

Apparently, there's some reason to think that Dorsey isn't that involved in BS, and more interested in Nostr (as it's a crypto thing). He's not the CEO of BS, Jay Graber is, and many have expressed respect for her and dismay at how Dorsey is the face of the project.

Reasons to be positive about BS that I've heard from others:^1^

1. It's protocol allows for user selected moderation policies, that are kinda in place at the moment and some have enjoyed
2. Despite it's recent problems, its culture is more BIPOC friendly than mastodon
3. User independence/mobility is baked in to the protocol (apparently?) but not a thing at all on the fediverse

For me, reasons 1 & 3 are structural issues the fediverse is likely to struggle with and which, when solved, can generally improve the health and attractiveness of the platform in question, including, I'd guess, issues around point 2.

[1]: I'm not on there or particularly interested in it FWIW. My interest more comes from a concern that an open protocol is trickier than ActivityPub/fediverse think and may require much more than what ActivityPub has done to really work long term.