I have a feeling that if you really crunch Reddit's numbers, the content that provides the most engagement and revenue is NSFW content. Reddit is one of the only large social media websites that allows NSFW and the subreddit system makes it much easier to categorize and find content than Twitter, so there are a massive number of invisible users who do not use the site for anything except NSFW, which is also why it's specifically targeted in the new API policy. Long-term, technically knowledgeable users who produce high-quality content are not nearly as financially exploitable as the mass of users who use Reddit as a NSFW directory and who have no alternative to migrate to.
Plus, the majority of active Reddit users are non-technical "normies" who joined Reddit after hearing about it from trends like the GameStop stock. Those users use the official app and have no idea what an API is, so they don't care and will continue to use Reddit.