We just don’t smell the rot yet. It’s not about the actual body (website) and the name. It is about the spirit, the personality. And that has been compromised and killed off because of factors one could call enshittification or whatever. Digg and Tumblr still exist, at least in name, but not in spirit. I think Reddit has past that threshold. It will be a slow death and I am not sure the fediverse will fill the void it leaves behind. But I do think and believe communities will never sustain on venture capital.
They can get all the data they want without the API, and I think they will from here on out. But if a site happens to provide data in a convenient API format for free, they might use it. Or they may not, I don’t know what evidence Reddit used to decide that the LLMs training on Reddit data was doing it via the API. It’s possible that all Reddit ever intended to do was kill third party apps (and it seems like they’re still settling for killing most, and maiming the stragglers).