Star wars meme: Mon Mothma (Mastodon) stands before 5 other men/admirals (Writefreely, Lemmy, Peertube, Pixelfed, Friendica). She says: "The emperor has made a critical error and the time for our attack has come."
spez really made a mistake--unlike other social media apps, Reddit is topic-based not connection-based, therefore there's no network effect keeping people inside the app.
It is reduced to a great extent, at least. But there is still the "mass effect" that is holding people on Reddit. Smaller spaces just can't be buzzing as much as huge networks as niche communities just can't reach their critical mass easily. (This is still a much nicer place, though.)