Reddit is (was) a social network with tens of thousands of communities and only ONE instance. That makes it easy for a small number of arrogant, greedy billionaires to ruin things for everyone.
Lemmy doesn't make that mistake. By being decentralized, it prevents exactly that sort of thing from happening.
I thought this was a good overall discussion but they made a point that bothered me early on. They made a claim that in part the fedipact was because white tech guys didn't want to share their place with women but the fediverse (Mastodon in particular) has a significant strong queer presence and they are some of the most vocal in their anti-Meta views. Go read https://fedipact.online/ and tell me those look like white tech guy instances.