There's a contingent of threadiverse users who interpret "anti censorship" to mean "all speech should be permitted, even against other's consent" and view any stifling of that to be immoral.
My take is that if platforms permit the loudest voices to overwhelm others, you just have censorship of a different flavor. Piefed is taking an interesting approach to that problem and I think it's interesting to watch!
I think you're right but I also have to imagine the old. users are disproportionately contributing quality parts and replies to the niche communities that make reddit "sticky".
I'm ok if reddit keeps the users that want an endless feed of memes and low effort content.