They're not wrong. There's a few hundred thousand active users here. There are 10s of millions on Reddit.
Most Reddit users straight up do not care about the API, or 3rd party apps, or the shitty management of the site. They want their memes, and their niche communities, and their quirky Reddit shit posting, and all of that is still right there.
Users will leave gradually as the ads get more intrusive, and as development moves towards more psychologically manipulative features, and as Reddit cuts costs.