There are a few big subreddits like r/interestingasfuck that are still closed, but these are more like meme channels than communities. People can just get the same dozen gifs a day from r/damnthatsinteresting, r/whoadude, etc.
If, as is widely (self) reported, many mods and power users interact with reddit via 3rd party apps; we won't see the true impact of the API changes until they're active.
If what the mods say about their tools is in fact true, then:
Next, you're going to see a lot more spam as mods tools are gone and most of America is on a long weekend with a family holiday at the end.
Next, the spammers are going to quickly figure out the mods are asleep/gone and up the crap game even more.
Next, the creeps are going to post more less-than-kosher material, with reporting of it essentially going into unread inboxes by overworked mods.
Next, r/all is going to be, well, boring and gross. All the spam will make you go, huh, that's not very interesting. All the less-than-kosher stuff is going to make you go yuck.
Then, you're going to say to yourself, we'll see how long this lasts. And if it lasts until ~July 8th or so, you'll have found your next reddit fix.
Again, all predicated on what the mods are saying is true.
If anything can hurt Reddit, it's that kind of material. Advertisers really, really don't like controversial content, and are the first to pull out of any service that even smells of controversy or political incorrectness, see what happened to Twitter revenues after the Musk takeover. The Reddit protests would have been far more effective if people started posting (and/or moderators stopped removing) gore, porn and Swastikas everywhere, maybe with a sprinkling of racism and homophobia on top.
Even more important: Alternative platforms had a huge surge in usercount. They don't reach the number of Reddit of course, but rheu don't need to. They are their own thing and many do now have enough users to replace Reddit for most usecases of many users.
I've been having a blast on the Ferdiverse for the last few weeks. I'm also trying out tildes.net and squabbles.io. It's all very refreshing and reminds me of early reddit and old forums.
I'm actually somewhat glad this all happend. I'd have never dicovered all these platforms otherwise. And I'm not alone in that perspective