Their death spiral may be tightening, but it started a long time ago. Maybe more people will notice it now that the IPO is over and it's obvious they had no good plans or what came next. Maybe not. Either way Reddit is a great example of a company that invested a lot of time and energy into creating something valuable to people, and then instead of building on it, they sold it and mortgaged it off one bit at a time until the original product was no longer remotely desirable.
Hardly a new story, but I suspect most of us here have had experiences on Reddit that lead us to regret seeing how far it's fallen, even given that it always had many flaws.