The average person puts their pitch fork back down and enjoys the bonding experience that a successful hunt brings to the community. The out-group isn't just persecuted because they are different, the whole process also helps confirm the unity of the in-group.
Also if people are spread sufficiently thin, some of the sites will die from “no one is using this”, I think.
I don’t know how this all balances out, but what you brought up does seem like an important force/mechanism to take into account. So, I’ll say “Further work is needed in order to understand the behavior in this area.”, haha.
The dynamics involved in city districts rising and falling and rising again might be similar. Online communities lack the rent-dynamic however. A "difficult" part of town gets more attractive because the rent is much cheaper. I don't know whether there's anything equivalent in online communities that would "gentrify" a toxic community.
So in theory, voat & co should either shrink or get less radical the more reddit-alternatives there are. That is, unless reddit is turning normal people into witches that will then populate the new alternative platforms.