I disagree with this a little bit. Reddit as a whole had huge value from its content by the users, otherwise it wouldn't be found at the top of Google searches, used for AI training, and have investors and advertisers interested in the traffic. It had a lot of crap too over time, and the bot and other infiltration didn't help things. Was it worth 15b, I don't know, but the simple act of blacking out even a few major subs certainly did make some ripples for having small value.