The issue is the popular apps will inherently be at odds with Reddit's goals, because popular apps are popular due to their user-friendly experiences, and Reddit doesn't want a nice app where users can get in and out without interference. They want dark patterns that get you mindlessly scrolling forever, showing you ads, and tracking every tap and fling you do.
That said I’m not sure if it would work. Just speculating.
Actually, to be honest... can anyone think of an example where a company bought a competitor with a large user base, and then just outright, or even gradually destroyed their acquisition? Mismanaged, sure. But destroyed? Nothing comes to mind immediately. Like was Vine destroyed or mismanaged?
Maybe this distinction doesn't matter. ¯\_(ツ)_/¯