DHS is the perfect spot. If we aren't going to be seeing a full demolition of AC anytime soon because of the Rock'n redo and Door Coaster, Bluey taking over Disney Junior would honestly do some good for the area imo. It's a nice relevant makeover that isn't big enough of an investment to preclude them from building TangledLand or whatever they go with in that plot in the future.
We were speaking in other threads about the cultural lifespan of children's/family TV shows, and how it's usually much shorter than IP from other mediums. That does apply here. I think a Bluey ride would be pretty excessive, especially for an IP that is ultimately third-party and outside of the official Disney brand. I believe the closest thing to a television-based ride we've ever gotten is Runaway Railway, and that's only there because of Mickey Mouse himself.
I think smaller commitments, like live shows (Doug Live, American Idol), Meet & Greets (Phineas and Ferb, Kim Possible, Doc McStuffins), interactive games or areas (Ducktales), or parades (High School Musical) would all make a ton more sense and would be totally in line with the way Disney World has represented its' television IP in the past.