My ideal "Reddit" more closely follows the freedoms of Wikipedia / FOSS. Reddit currently allows 3rd party clients to have access, but I envision more - an analytics API, ML tools to train your own consumption / discovery agent about what you like, filter out noise (including comments!), etc.
Reddit functioned with a skeleton crew for awhile. A small team could subsist on donations and build something for the public good.
Something community owned and operated could be of tremendous value, and we wouldn't worry so much over its uncertain future.
Federation could even be built in...