"the company looked at the history of social media over the past decade and didn’t like what it saw… existing companies that are only model motivated by profit and just insane user growth, and are willing to tolerate and amplify really toxic content because it looks like engagement… "
To the detriment of the community, the admins, and the concept of the fediverse overall.
Unfortunately opinions do not always match.
If a large group of people do not agree with the direction the Lemmy devs are making, why not get together and create a new site forked off Lemmy's source code?
It seems like the fediverse is a return to a more liquid internet, similar to the early internet of the 90s. A lack of existing large infrastructure here is actually advantageous for new sites to startup.