The protest didn't succeed, but that just means a lot of people who were already disillusioned with Reddit and basically just trying to ignore most of the bad decisions by the admins decided that there was no point in sticking around because it clearly won't get better.

I was a mod of a moderately sized subreddit under a different username, and a lot of the other mods I talked to said that they're done after the 30th. Some of them, like me, already left. And while I know a lot of people like to hate on mods, in most subreddits the mods are doing a ton of work behind the scenes that keeps things on track. Without them, you're completely correct- Reddit will get worse and worse.