Yeah, that's pretty much my take as well.
All the "but muh datas" pearl clutching is just annoying and frankly, ridiculous. If they wanted to mine us, they already would have. They're probably doing it as we speak. They didn't have to create a multi-million social network for it. A raspberry pi on someones desk would have sufficed. Fedi doesn't have any (/very much) privacy.
They're doing this to escape the wrath of EU privacy watchdogs. They were already fined for $1.3bn and more is coming. Running their Twitter killer on interoperable protocol is nice, because it's free and they get to point at W3C and say they're LIKE TOTALLY supporting data portability. Why would they "extend and extinguish" that? It's their alibi.
I don't like Meta. It's a shit company ran by shit people. I hope they burn in hell.
But I can't really get my panties in a twist about threads.net existing.
I'll get angry if they somehow figure out to push ads to my face.
But for now. Maybe I'll block it. Maybe I won't. We'll see.