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view the rest of the comments
My guess is that they know they will lose their DieHard users that cost them the most money even though they produce the most content.
What will happen in the vacuum is that other users will rise up to fill in the gap that are more in line with modern Reddit and will make Reddit more money in the long term.
I mean of course they are selling their soul to their venture capitalists (or at least whatever remains of it) in the process but I guess as long as their primary shareholders go home with a fat wallet they're okay with whatever happens.