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I think part of it has been watching Twitter just completely abandon any attempts at treating users and developers well, and seeing that people are still active there. Reddit sees Twitter completely fuck over third party devs, and realizes they can do the same and weather the storm, and have it all work out well enough for them.
Like several of the other comments that highlight the interest rates, for those of us who saw the late 90's/early 2000's tech bubble burst it's the same thing all over again.
We are the most disposable asset they have. They need to turn a profit so we are being squeezed.
You forgot discord and the username changes, which happened a few weeks ago
Everyone's rushing to implement/improve AI. AI needs a ton of data, Reddit/Twitter are good available sources. Reddit/Twitter would prefer to sell this data as opposed to having it gathered from under them by bots, for free.
I think that's why Twitter and Reddit are rushing to restrict access (directly or through the API).
Youtube are just aggressively serving you ads, and limiting ways for you to circumvent ads. I think that's just what they do as they have the market sewn up