Regardless of where they're at as a company, as a platform from the user's perspective Reddit been on a downhill trajectory for years. They manage to cock up moderation time after time, and every single UI change they make somehow manages to make the site even less usable. They'll double down on their crappy decisions in an enormously user-hostile way until literally the point users are in open revolt against the platform's staff which sometimes triggers a U-turn with all the grace and agility of an oil tanker.
This bad relationship between owners, moderators, and users often seems to kill smaller platforms (anyone remember Yik Yak?) but Reddit has so much inertia it's been taking literal years for this disease to become terminal. It will happen one way or another though, one day they'll make a decision too user-hostile and Reddit will have its very own "Digg V4" moment.