Is it a good time to start competitor? Given that reddit might take Quora's path to oblivion.
https://www.reddit.com/r/RedditAlternatives/wiki/index/
I think a moderated mirror of certain subs would be a better solution. Because people like freedom but love their cats and memes much more.
Ironically the only off-site that ever really took off is the snuff film site which has 2.3M users now.
Because that is Reddit's magic ingredient and you will have to do it 24/7 from day one.
And if you self-host to avoid the risk of handing over your community to those sites under control, you get flooded with DDoS and hacking attacks (including state-sponsored actors). Sad times.