This video says it all. Reddit has gone downhill couple years back for me.

You get banned extremely easily for saying anything remotely against their mods (in some sub particularly)

When Reddit decided to go public they went nuts and decided that they needed to enact policies that destroyed their credit with Redditors. A big one dealt with 3rd party apps that were practically destroyed due to data limits unless they would pay Reddit millions of dollars a month. That led to the different subreddits "closing" that made news last year. Reddit responded by changing the policy to enable them to take over these subreddits and kick/ban people and moderators who participated or led the protests. It was wild. They also took a crypto-friendly stance then 180ed it before the IPO to only then randomly embrace BTC and ETH after their IPO. Just a ton of moves like that eroded people's trust in them and since Reddits value is in the data it has generated from people posting if that dries up then they are worthless.

Reddit claimed this was to protect people from AI bots being trained on your data but it really was Reddit being scared that others would monetize the user's data and cut them out. They didn't think to treat their base well during this time and instead just burned bridges left and right with comments from the CEO.

That's a long story that I don't have the energy to share. I'd say its been declining for years though.