Actually, I hope they do. The faster Reddit puts up more walls and dies, the faster some other upstart can come in and replace them with a more open version, like they did to Digg. Of course, in 5-10 years the upstart will enshittify and we'll all be wishing for the next upstart, and on and on and on...
The circle of shite.
Honestly though it's how internet worked for decades and big players got big headed about their importance. Importance only goes if there is no viable alternative.