The other major issue is that the ability to start a major reddit competitor has been regulated out of existence. Same with any other large platform. The EU especially (although the US has also done this to a lesser extent) has created regulations and laws which are near-impossible technically to fulfill, so anyone operating a new website is in violation of them if you look hard enough. And believe me for a new social media app with linking news/politics/etc stories as a major feature everyone in power will be incentivized to look as hard as possible.