The whole thing can be summed up as such: Reddit has continued to expand its business and increase costs while failing to innovate in any meaningful way.

In a bubble, the business is ultimately a failure and it deserves to die. It's just sad given the quality of the content is so high in contrast to the platform and the lack of an outstanding of alternative for people to congregate around, as Reddit once was for digg users.

Wikipedia enshittified too, to a lesser extent, but still they have made their begging more and more aggressive over time.

I would say Wikipedia has been overly aggressive in their fundraising

But it hasn't enshittified

I would be really happy if Reddit ended up like Wikipedia. You can argue that Wikipedia could make better use of their funds (you can always argue that), but look at what Reddit did with their funds

They basically dug a big hole and are ruining the product to get out of it. I'd rather Wikipedia have extra cash than be in the hole, and desperate