I’m pretty sure they’re just going after advertising on the front and data sales/AI on the back end. It’s inherently difficult to monetize an old-school internet forum, especially one like Reddit where the incumbent user base is vehemently opposed to adverts and in strong favor of privacy. I don’t think they’re too big to fail (cough Digg), they’re just popular and people dislike change. But I do think they’re barking up the wrong tree with their userbase.
The current account I have dates to 2015 before they required email, and they’ll get a throwaway before I give them one of my real ones. But even then, whatever, I’ve really only gone back there maybe once a week for the past few years.
So apparently around Los Angeles there’s a supposed begging “cartel”, wherein some of the folks who beg at stoplights and freeway off ramps are actually working for an organized ring. The way it was explained was that this group takes the lionshare of their donations and offer protection, food, and safe sleeping areas. I don’t know how true this is, but I’ve heard it from quite a few unrelated people, one of which being a cop, so either there’s some truth to it or it’s a very elaborate hoax to get people to stop giving beggars money.