Tumblr was already in a bad place and was further cannibalized by instagram (and reddit).
Reddit still has no meaningful alternatives. Yes, we like lemmy. Most people don’t and won’t. They want corporate social media. Just look at how long it took people to leave twitter. And they only did once BlueSky had open sign ups.
My money is on a bunch of “protest” posts and subreddits to track this and people mostly just sit around and not care. With a lot saying “I don’t need porn on reddit, I have the internet” while completely ignoring things like trans erasure.
Everyone gets their start somewhere.
And you can be sure that the old hats are making sure to record and broadcast everything. So when the jackboots inevitably see a black person and start unloading with “rubber bullets” and tear gas, people will see.