I agree. I think that the revenue model for websites like Reddit was what set them up for failure. In the beginning, focused on growth, it probably made sense to get as many users as possible, as quickly as possible. But Reddit doesn't need more users. It stopped needing more users a long, long time ago. It needs better users and healthier communities. And less incentive for mods to collect hundreds of subreddits and use them for self-interest.
Sidenote: Look at the growth of r/WallStreetBets https://subredditstats.com/r/wallstreetbets from January (less than 2 million users) to the beginning of February (almost 9 million users). There is no way the mod team could handle that, given the resources and tools they have available (I'm not affiliated with WSB).