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There already is a decentralized Reddit where subreddits are called websites and anyone can start one and run it as they please. What Reddit and similar sites bring to the table is a single pool of authenticated users. Once a user is logged into Reddit, posting on different subreddits is frictionless. Even with oauth and the like, it is hard to replicate that with a distributed set of sites. |
1. Easy sharing: Subreddits, which are an easy location to share interesting information about a common topic. Creating your own website is an order of magnitude harder, especially if you want to allow anyone on the internet to post to it
2. Discoverability: You can easily discover subreddits information related to your interests. Reddit's ability to aggregate the various information sources and present options that users find interesting is the biggest reason lurkers&voters (90% of it's users) keep returning.