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Maybe there's a conspiracy? Maybe there isn't. There isn't much I can do outside of weening off my use of them, ultimately deleting my content there, and using and encouraging alternatives. Past that, I've come to find out it isn't worth the trouble for me to give that kind of thing too much airtime in my head if I can help it. If I wake up one day to learn that there's A Whole Thing going on, though, frankly it wouldn't surprise me all that much.

If I had to give it an absolute Yes or No based on what I know and figure, however, I'd say there isn't a conspiracy. I'd wager that it's just the likes of ignorance and capitalist business practices.
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I've heard that the economic landscape in the past decade-ish allowed certain sorts of companies and people to do business in a way that likely wasn't as sustainable as they thought. 2020 comes around, the economic landscape changes for intersecting Reasons, and I'd figure that the companies and people operating the least sustainably realize they have to change it up if they want to rake in the dough. Some of these businesses were social media platforms, and some of those platforms are lead partially or entirely by people like Musk or Huffman, who make some Less Than Thrilling decisions because they think it's a sound bet to get a lot of cash. That's not to say their decisions are sound bets, let alone good in sum, but I'm inclined to give the benefit of the doubt and say they weren't decisions made in a vacuum.

As much as we may use platforms like Reddit or Twitter to connect with one another or find and do something besides consuming and entertainment, we have to remember that these places established themselves as capitalist businesses. They are for-profit companies that ultimately answer only to the likes of a board, their shareholders, or their leadership. I think it's reasonable to say that the end game for a lot of these businesses is to make money. A lot of it. The consumer's most important purpose in this approach is to serve as a means to that money. There might be exceptions here and there that are given various labels, both inside and outside of a capitalist lens, but Twitter and Reddit certainly don't read like exceptions. Ill-advised or not, if the right people at Twitter and Reddit genuinely think their recent decisions will make them more money, it doesn't surprise me that they'll do it. The trouble is that there's typically more to life than a dollar—actions tend to have consequences outside of their intended ones, especially at this scale. Even if Twitter and Reddit didn't mean for this to put a dent in the ability to organize (or even to just be like, a Shitty user experience,) it can, and will, have that effect.

Writing it out, it's kinda funny. I still don't think there's a conspiracy per se, but the effects of these business practices create the sorta symptoms you're talking about, anyway. How does the saying go? "The system is working as intended"? Whether that's better or worse than a literal social and class conspiracy I'd say is up to the individual.
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As an aside, this is why I think projects like Lemmy and Mastodon are a big deal. Actually making the platform has got to be one of the hardest hurdles to get a social media network started. For all their faults, stuff like this is ready to slap onto a server and run, and it's free and open source. That lowers the barrier of entry drastically to let people try and make this kind of thing work in a non-profit format.