I agree this is why they are doing it, but they cant be blind to how bad their app is in comparison to what their power users are using? Is an exodus worth it if you keep 25% of the people in the app and the remainder move on? I think you can get metrics via the api, maybe not apples to apples but it can be addressed in the future.
Right now they are sticking their head in the sand, middle finger in the air and daring people to leave. Poor community relations and messaging for a community based website.
They made their bed by accepting VC money. There is more than one way to skin a cat and I think they choose poorly.