What makes you think they want to compete with other social media sites?
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Gifs are terrible from a modern storage POV which is why most hosting places will convert them to gifv or MP4.
But this site does neither, so.........
Plus, .gif is technically an "image" format. This is why I said "gif". It's easier to incorporate than video. Plus, there could be a time limit to remove the gifs after, say, a year or so, which even Streamable and Imgur do now for mp4's. Also, no gif in my communities would be longer than 25 seconds.