On a more "suave" note, they are a Dodo but this is the XXI century.
If they operated like archive.org, they could sustain themselves. They don't want to do that, because it doesn't result in big returns for investors.
they wasted, and continue to waste, bunches of money, for nothing
They may be wasting money, or maybe not. If they chase away all the people like you, and end up with a userbase of vapid morons who just watch idiotic TikTok-style videos on it, and this makes the company billions in profit, then that money wouldn't be "wasted".
I mean, it sucks (IMO) if running a discussion board service for people to have intelligent conversations about various niche topics is financially undesirable compared to running a social media site for people to share and make moronic comments about moronic 1-minute videos, but that seems to be just how humans are.
Reddit is not profitable, though.
They're burning through investment cash just to keep the lights on. That can't last forever, so they have to do something.