But that's probably fine with them. Reddit seems to have taken that the position that users are fungible, which (particularly when they depend on volunteer moderators) seems somewhat dubious to me.
They are great fun with cat pictures and other stupid content. And you'll have the occasional laser-focused sub-reddit (that will be a loss).
But the vast vast vast majority? Utter stupidity.
It's a slow process, but an inevitable one. Twitter has demonstrated this, where it isn't this instant switch, but a slow burn. We're only now getting Meta's take on such a replacement for example. Same will happen with Reddit now people are aware how fragile it really is. I just don't see direct replacements happening this year.
Anecdotally I do see far more aggressive displacement on Reddit than I did with Twitter however, perhaps due to how impersonal Reddit is where most feel they can abandon it much easier than a Twitter account with many professional colleagues attached.
I never access /r/popular or /r/all or any of the default subreddits, all my usage on reddit is from niche communities about my hobbies, and through the past 15 years each new hobby I started there was a subreddit to kickstart it full of information and a community. That's going to be the biggest loss.
Most of reddit the past 10 years has been shifting towards new users just lazily scrolling /r/popular but those users are not profitable, they don't generate value, the ads will be poorly targeted. The laser-focused subreddits is where the value of reddit as a platform comes from, I don't like advertising but I could tolerate targeting on those subreddits as it'd be relevant without invading users' privacy (like the old days of AdSense using the context of the page for ads, not profiling the user).
The vast majority is utter stupidity, I agree, but that is a part of reddit that you can completely avoid if you are a bit more of a power user... It will suck when it dies.
I've read about some people calling for a return to forums. That lacks the one-stop-shop-for-all-interests feel, though - besides, subreddits are quick to tell you about other online communities you should hit up. For some of the older folks on here, how were the old newsgroups compared to reddit? From the little I know - and I mean "I learned about newsgroups from a joke on the Simpsons" little - it kind of sounds like Reddit...