But yup, I wholly agree with your point. The redesign feels like a mix of product managers trying to get promoted + boosting "engagement" numbers at the expense of all else.
Or perhaps we are the odd ones out - I'm sure there's been a huge growth in new users Reddit since the redesign and I doubt that new users are hankering for a different experience now that they're used to it.
I don't think there's any less demand for long form text content on the web. It's growth just isn't ever going to eclipse the snack sized content.
In the case of Reddit, there's still plenty of long form text links and discussions in the comments. The current UX doesn't make that as prominent by default but it's there. The Reddit snackers make more money because they see way more ads. As long as there's an affordance for long form text content Reddit has utility for me.
If they go full TweetBook and kill the likes of i/old Reddit then I'm out. I guess I'll try to get a lobste.rs invite or something.
You can also append ".compact" to the end of a normal Reddit URL.
I think Reddit's UX anti-patterns need to be taught alongside the Digg v4 follies as ways to ruin a website.