Ask Lemmy
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Reddit is a platform that was plagued by its success for the longest time. It's not really a platform looking for new information. It's profiting off of the information it already has. Due to the influx of bot accounts that are on the platform, they have a bit of protection on major subs
Basically to answer your question, it's a combination of they're trying to make the platform look decent for an IPO that they've already missed their window for. And now they're desperately trying to claw every little bit of information they want and bot accounts that are just spam or don't add interest to the platform such as a lot of copy-pasting are generally automated out of the service. This is exponentially increased if you're adding competitor links or links that Reddit has decided are malicious.
Sadly, they're trying to get something which will never happen. But, because they're trying so hard to appeal to advertisers and that IPO,
This issue was multiplied about a year and a half ago when reddit decided to remove free use of their API and then had massive blowback on it they doubled down, claimed their volunteer moderators were entitled and not needed which caused a mass exodus from the platform that it never recovered from. Why does this matter? well when any labor leaves, they also take experience with them which never fully recovered. Subs in order to lessen on that locked their requirements down using karma.
these issues are dampening the future Reddit experience. So if you're not established, You end up leaving the platform again before you start trying to actually add content to it.
as a TLDR: Reddit is actively chasing financial value that no longer exists, and the users are punished for it.
Was there really a massive exodus? If so, where to? It definitely wasn't Lemmy / Fediverse and I don't know of any Reddit/Lemmy-like site.
Investors understand what it looks like when the early adopters have left, and the early adopters have left Reddit.
Some came to Lemmy. Many were already on Discord.
There was a pretty large exodus yea, especially among people who created content and the moderators who were insulted during the event.
Being said, many didn't have a suitable replacement to go to. Lemmy became the replacement for a chunk of them but, if you can find where the rest went, you have gotten further than I did. I assume they either went to discord like Pinball said, or just stopped posting in general. It's a big reason that a lot of the more niche subs stopped having posts, and the reason that reddit as a whole is so much more toxic(interaction wise) now.