I'm actually quite amazed at this. I thought Reddit had gone the way of Digg some time ago. Isn't it mostly manufactured content these days? I certainly remember it had that feel about it at certain times in the past when they were trying to paper over a mass exodus.
Its really not - I can't think of a single game community site of which a subreddit isn't the better/more popular option - ditto with all sorts of interests (other than programming/entrepreneurship which HN has a pretty good slice of).
At some point you'd think they'd expect them to make a profit though. At what point do the venture capitalists say 'screw this, it's not working' and let some of these 'unicorns' crash and burn?