It's a common story.

A product is great. The company providing the product raises lots of money.

Investors want a return on their investment and the founders want a big payday. So the company starts adding lots of features to increase sign-ups, conversions, and revenue.

But these features often poison the user experience. Even as numbers go up in the near-term, the product withers and dies as users eventually defect.

Companies with a moat can get away with this, like Reddit and YouTube, at least for a while. Medium had no real moat, so users left.