With what reddit has become, both from a leadership and a userbase standpoint, its fall can't happen soon enough. It is so toxic and manipulated nowadays that I won't mourn for it.
That is true about large parts, but for me I can easily avoid those. There are truly good communities there that are great resources for various problems (technical and not).
Isn't it largely user-moderated? Do you believe that model is no longer reasonable for the platform it is trying to be?
Probably. The evidence speaks for itself. Most of the reddit homepage is a hatefest of [ingroup] screaming hate at [outgroup]. It's so toxic as to beggar belief. Facebook and Twitter seems like prim decorum in comparison.