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I'd say the most recent major influences were the IPO and the emergence of LLMs.
Reddit becoming a publicly traded company and the preparation to do so certainly initiated a major shift in its priorities.
Ai and large language models make it easier than ever to create shiny, but low quality content.
And the rest is just reddit becoming more mainstream leading to an overall shift towards banal rather than niche topics.
i said they are following the facebook method, FB is now mostly AI using old accounts pushing right wing propaganda, i only see reddit will do the same eventually. or they try to look like a"both sides" type of site while allowing signicant astroturfing from russian trolls.
I suspect they have been tweaking the front page algorithms to bury niche posts. Niche subs that I already follow don't seem to have changed, but r/popular and r/all have definitely lost their spark.
pushing r/conservatives, and any sub that talk about politics to the front was pretty obvious of the manipulation. Also the "baiting subs" like glowups, gym is there too.