You still seem to be implying the number of real registered users on Bluesky isn't ~50M, which it is. The PLC identity spam you referenced is not being counted in this number.
It is confusing to say "users" when it is actually "accounts", humans tend to associate "user" with another human, where as "account" can cover people and bots (many on atproto)
eg. I personally had more than a dozen accounts
If that's the case, then I stand corrected, but a source for that claim would be helpful.