they're passion hobby projects that'll disappear rather than turn into a job
If you're building your business to be completely reliant on another unsustainable, unprofitable business, don't be too surprised when they ask you to help row or get off the boat before it sinks.
For API restrictions, Reddit has been in a doomed if they do, doomed if they don't situation for a while now. I think there's about a thousand other better decisions they could've made before being forced to make this one about API usage, but I also don't see their numbers and their time simply might've already run out.