It should come as no surprise that the lemmy.ml admin team took about 2 minutes to decide to pre-emptively block threats / Meta. Their transparent and opportunistic scheme to commodify the fediverse and it's users will not be allowed to proceed.
We strongly encourage other instance administrators to do the same, given the grave threat they pose to the fediverse.
I agree with your sentiment, however I don't think Reddit is a sinking ship. It sucks, me and many other people are angry with them, some of us left but it's not nearly enough to make them actually sink. Reddit is too recognizable a brand.
They're too big to fail.