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Counterpoint: the moderation teams for the bulk of the most popular subs have flat out said that they cannot do their jobs without old.reddit, and the Admins (for what its worth) seem to have acknowledged that. I think old.reddit may get perpetually frozen with no new features added, but removing it outright seems unlikely.
Of course, them just closing their API entirely seemed unlikely too, so....
It impacted the quality of the site. However they don't care about quality only about money or the appearance of making money.
They want is the investors to look at the site, see all the shitty ads, the number of claimed users and believe it's worth pouring money into the IPO.