You are correct, however I want to point out they have stated they want to hand over the governance of the protocol to a standards organization like the Internet Engineering Task Force:
Development of atproto to date has been driven by a single company, Bluesky PBC. Once the network opens to federation, protocol changes and improvements will still be necessary, but will impact multiple organizations, communities, and individuals, each with separate priorities and development interests. If the protocol is successful, there certainly will be disagreements and competitive tensions at play. Having a single company controlling the protocol will not work long-term.
The plan is to bring development and governance of the protocol itself to an established standards body around the time the network opens to federation. Our current hope is to bring this work to the IETF, likely as a new working group, which would probably be a multi-year process. If the IETF does not work out as a home, we will try again with other bodies. While existing work can be proposed exactly “as-is", it is common to have some evolution and breaking changes come out of the standardization processes.