I think the aggressive moderation is necessary, but it doesn't really solve the problem, it just keeps the peace.
That said, plenty of subreddits are still useful. It's just really hard to get any real sense of community.
Yeah, unfortunately I 'abandoned'* Reddit because of that. Either your comment is downvoted to oblivion, or you get a lot of people being aggressive towards you
* I still use it, but almost only for browsing memes, and a few useful subreddits
I run a Mastodon instance and very quickly got to the point where new accounts are only available if you ask me for one, and if I decide to let you have one. Which is not a thing I do lightly for strangers.
The last thing I want is growth. Then I'd have to treat it like my full-time job and deal with managing an ever-more-unmanageable number of users, finding ways to deal with ever-huger bandwidth, storage, and CPU requirements, and somehow making enough money off of it to pay for all that, plus my own rent. Fuck growth. It's a little gathering for a few friends and that's about all it needs to be.