[wallmountedtv]

And the moderation that makes Reddit hold valuable content is done by its users on a per subreddit status. Only stuff that could break laws like extremist content and hate speech is handled by Reddit themselves.

It's really odd to call it "their" data, and this is not exclusive to Reddit.

[hammyhavoc]

It isn't odd. Is it odd that content on Facebook is Meta's data? Maybe try reading the T&Cs and it won't seem so odd.

They provide the platform for free. Don't like it? Self-host or go elsewhere. This is the biz model every content silo uses.