One interesting aspect of the Medium business model is that it can really deliver money for writers who get a lot of traffic. Medium effectively shares some part of the paid user subscriptions with all the sites they visit. So if you only visit one site in a month, they get all the money for that month. If that's a popular post, the writer might make a lot of money. But it depends on the subscriber not visiting many sites.
There is a theory that people will discover the writer's content just because it's on Medium, but that's certainly not how I find things. I follow links from social media or web searches.
If a writer consistently has a lot of good content, they will make more money at Substack, as they keep a larger percentage.
So the business model of users having a subscription to Medium as a destination site for discovery doesn't work particularly well. It doesn't benefit writers with consistently good content, and it doesn't benefit readers. So you end up with medium-value content that might get a windfall. It's kind of an SEO game.
Reminds me that I have hardly seen any interesting links to Medium lately, and I should cancel my subscription.