My kid and I have really enjoyed the Australian version produced by ABC. The Disney+ American version shies away from some topics, which I find to be incredibly lame. I guess what I’m getting is: I hope Disney does more distributing than producing.
Typically it’s toilet humor (which the Australian viewers are more casual about), but apparently there’s some cut/altered/restored content on both sides of the fence. https://blueypedia.fandom.com/wiki/Censorship_of_Bluey has the breakdown by season. Look for reasons with “Regional difference” in bold. Lots of things that “might be dangerous” are cut in the BBC versions. I find it kinda funny, but maybe I’m a dumb American lout. For example, in an episode about playing with balloons, they cut a scene showing Bluey blowing up the balloon because of “concerns about children with asthma wanting to do the act” 🙄