It can be also a massive circle jerk but if that's the only thing you can see from niche subreddits you are coming into this with a massive bias and ignoring the good parts, and these good parts are missing from most of the rest of the web.
I feel that your opinion is the same, just an attempt at a massive circle jerk about how terrible reddit is. It is, but it's also not and if you sincerely can't see how useful reddit is for a wide range of hobbies it's probably because you're a little myopic.