Wikipedia mentions the original founder of Reddit saying
this new version of digg reeks of VC meddling. It's cobbling together features from more popular sites and departing from the core of digg, which was to "give the power back to the people."
I feel some echoes of this statement with Reddit's recent changes. Maybe these exoduses are a cycle. I think it's a relatively recent phenomenon for a huge online service to last beyond one or more decades, and I'm not sure with these kinds of funding models and sheer user numbers it's realistic to expect these kinds of VC-funded services to last in perpetuity. Could they last 30 years at that size? 50?
Maybe in another 15 years, whichever successor to Reddit is found unsustainable/unreliable (decentralized or not), everyone left with a dire need of niche online subcommunities shrugs their shoulders and moves on once again. I don't see them having another choice. The need for online communities will always be there in my mind, especially since the existence of Reddit has proven that it can be done, and someone will build something else that everyone conditioned on these forums will use eventually.
I hold out hope, but an unlikely outcome is the mainstream somehow attaches itself to a service with a different funding model like Wikipedia or AO3, or these kinds of message boards are treated like public utilities. It will still be a massive burden to administer, but the outcomes could be different. I remember reading how "critical" subreddits were given a pass from the blackouts like /r/Ukraine because the value of their information trumps anything related to Reddit operations. A part of me thinks that Reddit's current playbook takes into account that some parts of its existence have become too important for mods/users to shut down, and that seems different to Digg's situation in 2010. They simply weren't as big as Reddit today. This is uncharted territory.
Regardless, in my mind, a lot of things in life don't last forever, not just Digg or (soon possibly) Reddit. But lots of people rode the wave regardless for 15+ years, and have gained a lot of useful knowledge from Reddit in the meantime.
So people will inevitably flock to other closed platforms like Discord because those platforms are the objectively superior choices, and they're not ideal for various reasons, but in my mind you just have to meet people where they are. And I think a service like Discord could absolutely implode with a few misplaced administrative changes. But at this point I tend to see these things as part of a greater circle of life, and it's (probably) not like they're going to implode almost immediately in quick succession. Just that your time spent there is a part of a particular nexus in a particular point of human history, and it's going to be limited. So, enjoy it while it lasts.