Just because you think people are "done" with "social media" doesn't mean Reddit execs do. They are definitely changing look and feel to be more like instagram and facebook hoping to poach users or at least widen their userbase by lowering the barrier of entry. One of the primary goals of the redesign was changing look and feel to make the site more approachable to a wider audience. They claimed after extensive testing that the old site scared off many potential users because it was "hard to use" (IMO it just looked old, and therefor bad/lame).
I think the underlying problem is that people want a platform for self-promotion (hence buying followers on Instagram), but most subreddits and maybe the site itself prohibit self-promotion. As a result, many people will never be interested (including me; I use it for pictures of cats, but nothing important).
