Corporations cannot create nontoxic social media, the incentives will always be there to make it toxic.
The only way to do it is something like mastodon where actual people run it and thus can deal with people who are being toxic either by blocking etc because the fear of losing money, or the likelihood of the entire site/platform disappearing etc just isn't there (obvioiusly individuals sites go down sometimes but the entire network is unlikely to disappear), or by the use of people explaining why what they did was wrong and the toxic people listen.
Edit: If Bluesky actually ever becomes decentralised as in users can run their own servers and federate or block other servers then perhaps it might become good, but until such a time then I do not trust them.
They should also make a non-profit foundation if they want to be seen as trustworthy, so that they can't ever be sold off.
Those are the only way we and many others will ever trust them.