the most honest reason I read about is probably that former Twitter user who felt out of place on Mastodon or other Activitypub servers because the "Nerds" who care about privacy and decentral systems which were already on it have a different microblogging culture and they didn't want adept

so now a new competitor gets traction because the people who felt out of place on Mastodon can relife the Twitter experience from over a decade ago
the fake exclusivity even make you feel special despite the lack of features