Reddit coasted for a long time on goodwill from the early 2010s, even though the current site and company seem pretty poorly run and stagnant.
This latest debacle killed that goodwill for a lot of us. Why bother contributing -- through moderation, posts, or even upvotes/downvotes -- to a site that clearly doesn't value the rest of us?
On the bright side, HN has continued to host decent conversations for years running now. There are a few decent communities growing on Lemmy, Tildes, and Squabbles as well. I'm excited for the distributed future, I think the Fediverse is going to provide a lot of decent competition in terms of hosting, UI, and moderation over the next couple of years. It's much needed after almost two decades of stagnancy from Reddit.