You may have just heard it from me first: I know a guy that knows a guy that says that the next upcoming self-inflicted injury on the Reddit site is an imminent removal of the "old." prefix that has been used to un-fuck the interface and make it more bearably usable. They're already bleeding out users, especially active content-creating users, so this will only accelerate evacuations of the carnival tents as the circus fire spreads.
deleted by creator
Tiktok, youtube, instagram, snap, twitter
It's not just about how unique the product is. They also need to compete for time from the user
If reddit becomes shitty enough then something else will become more attractive
Also, I'm not sure that they're bleeding out the lurking masses quite yet, but the comment activity generated by power users (who prefer 3p mobile apps primarily) has been down all summer from what I understand.
I speculate that that lump of people doesn't need to migrate, but I think a chunk (not a huge one) ended up on the Lemmyverse, and another chunk probably took a break from posting. Others just end up on TikTok or whatever, but I feel like that's a different category since they don't have the same level of written information density.