How decentralized is cosmos?

I've been hearing a lot about Cosmos lately, and I'm trying to understand its level of decentralization. Could you please elaborate on this aspect? Is Cosmos truly decentralized, or does it have some centralized elements? If it is decentralized, how does it achieve this? What are the key components or mechanisms that contribute to its decentralization? Also, how does Cosmos compare to other blockchain projects in terms of decentralization? I'm eager to learn more about this fascinating topic.