I think your perspective and goals simply don't align with those of reddit's admins.
To be clear, I'm 100% in your boat. That said, reddit is becoming a publicly traded company. Its admins now have the goal of maximizing value for potential shareholders rather than fairness to users, community sustainability, etc.
Through that lens, I have difficulty finding flaw with any of reddit's decisions. The number of users will likely be far lower in a year. They will have a crisis in moderation growing before that. I'm sure an admin speaking candidly would agree with all this, but they're doing it anyway because driving users to the official app (and I expect removing old.reddit soon) will at least temporarily boost ad revenue.
For anyone not familiar: Among other factors, stocks price according to a ratio over their earnings (P/E) that varies by industry. Do you know what Facebook's P/E is? Last month it was 30. If that's where reddit's IPO prices out then every $1 of ad revenue they generate over the next couple of months will make them not just that $1 but another $30 at their IPO.
They don't care if it's sustainable because this isn't even about running a profitable business in the long run. This is about amplifying their IPO price to cash out.