I checked, and my pre-Reddit Internet experience is still there. The networks are small, on-topic, you recognize people, (we're all 40 now), (all their user databases are on haveibeenpwned). These are all things "subreddit snobs" exalt about their lil' <100k user subreddits. I'm not seeing a super compelling reason not to go back to this mode of Internetting.
It's not that. Reddit is where much of the community is today, much like Usenet was where the community was in the 90's.
People are going to go where most people are. Unless something can replace those network effects, nothing's going to change.