It’s an alternative to Twitter in the same way Pepsi is an alternative to Coke, it’s still essentially the same thing. This is just trading one really shitty corporation for a different not as shitty yet corporation. As it grows it will eventually become the exact same thing and everyone will be back here celebrating the rise of some other corporate social-media network.
That was my first thought as well, but per the article it sounds like EU regulators requested that data from Google.