It makes sense when you consider how many "throw away" accounts are out there. You couldn't get away with creating those kind of accounts on other platforms.
The problem for Reddit is that no one sane would choose to do this at the moment, simply because the abysmal performance of the "new" site and app severely impacts usability, which alone makes them uncompetitive! (And no, this is not just a HN user's typical bias talking: try using the app or the new site designs, and you'll see what I mean. They're even more terrible than FB! And this especially bad for engagement with Reddit in countries outside the U.S., where legacy or underpowered hardware is far more common.) This is entirely a self-inflicted problem from the Reddit leadership.