When you do a site-specific search, or a search on an internal corporate site, much of this data is often totally absent. So it may just not be possible to build a search with as high a quality as you expect, on that corpus, with modern technology.
Source: I don't know anything about Reddit search specifically but I was formerly a search expert and I am pretty sure this is what's going on here.
I remember creating a search function in school, and while it worked pretty well, I'm not sure it would work well for an organization with as much information as Reddit.
As for reddit-level money, does reddit even make all that much compared to their expenses?
Edit: Found this on reddit's wikipedia page:
"On July 21, 2010, Reddit outsourced the Reddit search engine to Flaptor, who used its search product IndexTank.[91] As of July 12, 2012, Reddit uses Amazon CloudSearch."
It seems to be an implementation issue, not a technological one.
Also http://searchhn.com for a realtime hacker news search. All of these demos are being rebuilt from scratch and hopefully will be out in a week.
If you were a one of the first YC companies and you're core business was to aggregate, curate and influence the development of content. And you weren't able to develop a core service, hypothetically something like search. Maybe you could buy that service from some other company; like Algolia.
Potentially, it would work the same way as HN does. The site they cloned when they pivoted.