The adult content that showed up was pretty annoying, especially on some tags that were seemingly less censored. Like, most LGBT tags were clean, but some would have a lot for whatever reason. I'd welcome the change back then (which was around acquisition time). But even then it was apparent Tumblr's odds of becoming anything other than another diary/blog graveyard weren't great.
Tumblr occasionally banning thinspo blogs was probably much more of an "attack" on the core user base. Not by numbers but in spirit.
edit: and for the record I'm not especially talking about parent's comment, not sure why i picked this one, mostly agree with it