That's true, if nobody liked reddit nobody would be there. That does not mean that reddit isn't missing out of millions more users that are driven away from the site because they don't enjoy the "popular" content but don't understand how they can customise their own reddit, or they don't want to work to get reddit to be a site that they like.
> The "real" or "hardcore" users, aka the ones that have been there since when the content was good and relevant, are smart enough to find subreddits that appeal to them because they like the style and functionality of reddit.
That's a god awful assumption to make.