Going back to my Tumblr example, I've had a lot of conversations with people on HN who fundamentally didn't grok that there's substantially more to the product than the public-facing blog network, in part because there isn't a login wall. A few examples:
https://news.ycombinator.com/item?id=28607197 (interesting quote further downthread "I never felt the need to make an account since I was just reading. They didn't make it clear that the service was incomplete without an account.")
Meanwhile the Tumblr dashboard (logged in user experience / social network side) has a uniform user interface which does provide these things.
But there is no way for Tumblr to prevent this problem on the blog side while still allowing users to have full control over their blog's public appearance. If they forced themes to contain specific template tags or design elements, it would no longer be usable as a freeform CMS.
Same reason Tumblr doesn't/can't have a login wall. But as a result of this, casual readers get a mistaken impression of the product and its capabilities.
No, their experiences are perfectly fine.
Maybe the company believes that monetization is worse when account-free users read the site, but being account-free is an ideal experience for the majority of users. Companies love to lie about this, both externally and internally.