Isn't reddit source code open? Don't we already have an archive of its content? Aren't there even other open source alternatives (lemmy). Sorry, I really don't

Isn't reddit source code open? Don't we already have an archive of its content? Aren't there even other open source alternatives (lemmy). Sorry, I really don't get why people are so concerned. If reddid wants to shoot themselves in the foot, nothing is stopping people from self hosting alternatives.