I don't think a lot Gen Z don't like the old.reddit.com because it looks kind of old fashioned vs say react "modern" pages and they're afraid of lookign old-fashioned. However, that is what keeps me coming back along with relative anonymity and content on topics that I like.
information density is too low. Why would I spend 2.5x time scrolling through www.reddit.com/r/fantasyfootball when I can read all the important headlines faster at old.reddit.com ... the redesign also loads fewer posts at a time so you constantly wait for a spinner to fetch new content
* spend 9 figures for a redesign
The choice was obvious