As a near strictly mobile only user of Reddit for nearly 10 years, they have made the decision for me by forcing everyone to use their completely horrible app. On the rare occasions at work that a search result populates with a Reddit result, I'll probably still go there, but using an adblocking browser.
To me it is extremely difficult to justify Reddit actually achieving a worthwhile IPO when their product is reliant 100% on user generated content and volunteer moderation. As an investor, I would be concerned about the longevity of a forum that doesn't have adequate moderation tools, shows hostility against their own userbase, and a complete disregard for their own "AMA rules".
Reddit is dead. They have struck their own final blow.
They've already posted that they're going to "double down" on ads on their platform and they are not going to back down on the API rules: https://www.redditinc.com/blog/investing-in-what-makes-reddit-unique-introducing-contextual-keyword-targeting-and-product-ads