That makes it even worse. Imagine putting in all this effort and taking all this supposed risk to create a new social media platform free of the pitfalls that come with a for profit site like reddit only to slowly adopt the exact same corporate friendly code of conduct while purposefully curating a community of annoying shitheads who are nearly indistinguishable from the horde of cretins on reddit.
If making a new reddit is legitimately the best they can do, then they should absolutely just scuttle the entire project.