The cycle goes like this:
- people want a bullshit-free service to upload images to, so that they can link to them, and there's no option available
- somebody starts such a simple, bullshit-free service
- as time goes by, the service realizes hosting costs money and they can't operate on a loss forever
- they start adding bullshit to try and bring in some revenue
- site turns into the same bloated crap it replaced
- somebody starts a new bullshit-free site, and users migrate
For instance, imgur is at the last stage of this cycle now. If giphy is taking serious investor money, it spells an accelerated period of crappifying the service - investors need to get their return somehow.