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An article in the FT said this, and the missing direct messaging and hashtag stuff is all geared around the fact that Threads is merely a platform for brands and influencers/content creators. Threads can win since it doesn’t need to make a profit and it’s set up from the start to do revenue splitting.
Every website is looking at engagement to keep users whilst serving adverts. Before tik-tok that engagement came from socialising and online discussions. The social media era. Post tik-tok it’s literally just scrolling through mindless 10 second videos from small content creators and the directly social side is effectively second rate, and by design.