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What should we do about Threads?
(programming.dev)
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The EEE argument is a red herring at the moment. Sure, in the future, Meta and others could get clever in ways we can't imagine right now, but currently it's a "sky is falling" kind of threat. As it currently stands, the path from Threads launching to "Meta killing the fediverse" has all the logical progression as the Underpants Gnomes.
You're right. It's all FUD at this point. There's nothing stopping servers from federating for now and then disconnecting later if an actual issue comes up.
The problem is like the boiling frog analogy. Its never easy to get consensus on whether the latest insult is too much and so inertia holds everyone in place until its too late.