If people love a community and like spending time on it, they'll be willing to help keep it running and avoid shutting down. You don't get any real profit, but do you need that to run a website? And if people don't love it enough to pay for it, you do have to wonder if it really needs to exist.
I think Reddit could get away with their reddit pro and paying for awards deal, honestly. They would need to rely more on volunteer labor and volunteer development, but a site could exist like that. I assume it's how Lemmy and Lobsters run?