I use to be a reddit power user, but my relationship with the platform has been extremely casual (less than 5 hours/yr) for the last 10 years. Even after all this time, Reddit could win me back as a power user if the platform was better.
The two parties here are the public, and the corporations owning social networking sites.
You're not sending a message to Reddit, true enough... but it does send a VERY strong message to the rest of the tech bros and their investors that Reddit f*cked up, bad, if their numbers crash.