That's no longer the case. Google's "For You" gets me my niche subject-specific content, Google News/Memeorandum (and its sibling sites)/Apple News gives me the mainstream media perspectives, HN (and maybe Bluesky occasionally) my urge to discuss and engage with others, and YouTube Shorts (I refuse to install TikTok) helps me understand Internet culture.
I don't think any one company came for Reddit on their own, but what they've left Reddit with as a differentiator are the communities. Unfortunately, those end up existing as little fiefdoms for the moderators who run them, and if that's all you're going to offer, you're not going to be able to justify that $10-$15bn (probably lower now) valuation to investors.
And I'm honestly not very fond of how the communities on reddit work. Sure, there is some overlap between the peoples on different subreddits, but there is little 'community' across subreddits and it feels very different to the 'good old' discussion boards that cover a very general topic and then have many more specific subsections. I'm especially missing the more off-topic aspects, which just doesn't fit well with the separation in subreddits.
Not sure if it's caused by power-hungry mods, the upvote/downvote dynamics or political polarisation, but you can often quickly make out specific "opinions" that are somehow magically shared by everyone posting in a particular subreddit.
The UX also actively supports this by de-emphasizing individual users and emphasizing subreddits as the primary "personalities" of the platform. This goes so far that on r/all, the names of the individual users who posted the threads aren't even shown anymore. All you see is subreddits.
That together with some "supermods" moderating large fractions of the popular subreddits and a recent post on HN of another redditor who experienced shadowbanning makes me seriously wonder how authentic the discussions you see on r/all really are.