Old content is still there, but new content is of noticeably lower quality. Many subreddits have moved to minimal moderation or stopped it altogether. Engagement in places I used to frequent like /r/Games (which didn't even participate in the strike) is both down considerably and of lower quality.
Reddit, like Twitter, is too big to fail overnight, but they are essentially zombies at this point. Their growth potential has been neutered and their most valuable users (the 1% making 60% of the quality content) are actively toying with alternatives.