The problem with reddit comes from the top. The APIocolypse is just the latest symptom of core degradation. There's also the rampant abuse of power by mods on some of the most popular subs, the far right/fascists and homophobic/transphobic rhetoric going unpunished by a lot of mods but then coming down on the people who push back against it, the massive influx of bot activity etc etc etc.
Reddit, while being more popular than ever, is now a rotten husk of the beautiful dream it used to be....