Because we have an absurd monetary system.

Companies also need to "grow or die", the capital holders don't want to invest in a sustainable company that turns reliable profits - they want line curve up

Reddit probably took on loans and additional investments to push towards growth plans, like the website redesign or marketing. They might've bought fancy office space to look the part, and bought big booths at conventions.

And maybe it all even worked - but the pressure is always going to be "take more loans and try to grow even faster" - not "pay off the principal so your monthly payments go down". After all, if you double in size, paying off the loan would be trivial

Except the way our systems are set up, you have to keep growing until you can't - at that point, you pop and deflate into a shell of what you were