New platforms do solve the "oh no I've been deplatformed from Reddit" problem for... people who've been deplatformed from Reddit, so certainly it has real value for them. If Reddit swings the moderation hammer too hard, that could be certainly become a draw, but as it stands Reddit has actually banned very few communities, considering.
Getting people to use a new website in any significant numbers is really hard, and there aren't that many examples of communities that have managed it in the time the internet has been alive. It's impressive that any have managed to stay relevant for more than a couple years.