Reddit has about soft power for a while now. Ever since they scapegoated Ellen Pao, imo. They’ve been changing things relatively slowly compared to Twitter in terms of enshitification, and being more careful about who they piss off at any given time. They’ve become more emboldened ever since they allowed bot farms and bad actors that commented on their behalf, mostly around the time they killed 3rd party apps.
Reddit could be seeing tons of users leaving the site daily, but they’re for sure replacing them with bots to paint a better picture and drive engagement. The same thing applies to Twitter as well. It’s why on BlueSky for instance, I don’t see ragebait dominating my feed due to the more robust moderation tools compared to Twitter and Reddit.
Lemmy has avoided most bots due to the manual approval processes from what I can see. I think Lemmy should strongly consider implementing BlueSky’s moderation tools though.
I would say that Reddit’s problems are enhanced by complicit admins. I feel that Lemmy instances can get just as bad as any subreddit power tripping mods can be. The good news though is that users have much more power to start a fresh instance and get it popular as the main name of the instance before the @ can stay the same. This is a big deal compared to Reddit imo, as the ability to hold the name of the community gives a lot more leverage over legitimacy. Take r/manga for instance, I believe most of the mods over there are now inactive. Another head mod has not come in to fill the void, and the subreddit has not posted things like applications for new mods. The userbase feels stuck to that subreddit due to how impactful the name is in attracting users to the community. Sure can offshoot can slowly grow in popularity, but it may be missed by the people that stop their search after typing in ‘manga’ to the search bar.
TL;DR Lemmy has it’s issues, but it is much harder for any one instance’s mods to be overly harsh on their rules as the risk of users jumping to a new instance with the same name is relatively low.