Actually, that sounds like exactly what I would be advising them to do in a situation like this. Reddit has been bloating itself with new features that nobody has been asking for because it keeps trying to turn itself into Facebook or Discord or whatever. If Reddit needs to become profitable I'd suggest cutting those and focusing entirely on what Reddit already does better than its competitors. Link aggregation and threaded discussion. Do just that, but do it better. That would allow them to shed some massive expenses both in technology and in staffing without impacting the income from its core business.
They didn't do that and it's probably too late now. I don't know how Reddit would be able to shed its Imgur-like image and video hosting at this point, for example.