Twitter has been turned into a dumpster fire and people are still using it because of convenience, the same applies to Reddit.
I left Reddit not just because of the CEO but also because of the awful app they forced their users to use full of ads.
It’s not really about the name, people are just too lazy to switch app and they don’t care about the greedy Reddit’s CEO trying to make money in every possible way. Last thing I read about him was his idea to put some subreddits behind a paywall.
I was still using the Reddit app but with some tweaks installed on iOS to block ads, otherwise every app that it’s full of ads it’s just unusable.
I don’t think it will go down the same path as Twitter, since Bluesky is open source and available on Github other devs will have the possibility to improve it or create a better version of it but with the more users joining it might necessary to monetize it to better cover the costs. I would love to see everyone switching to the Fediverse but it’s not very intuitive for the average end user with the instances and the fact that you need to target a user and an instance to follow it