One can only hope there'll be a watershed moment like the one that killed Digg. So far, reddit has been very careful raising the temperature so as to not scare the frog before it's dead.
And I don't think a lot of that value has much to do with the direction Reddit has been going with its redesign. If they viewed their core product as creating high quality rich textual content for input into LLM, they would do many, many things differently and probably spend more time improving the moderator tools to improve curation.