Perhaps, but Facebook created a novel system to connect people with friends and relatives. That's what's unique to them: the "social graph". If not for that, everyone could easily leave and reconnect elsewhere.
What has Reddit created, beyond the initial platform for people to create their own topic-based groups and post information and comments? One could argue that everything they've done over all these years has only made the site worse (invasive advertising, algorithmic timelines, user-hostile web design...) They've done the negative things Facebook is known for without even trying to do anything beneficial for users.
Now you can argue that their lack of profitability is a reason behind that, but I would argue that their lack or vision and talent is what has resulted in their lack of profitability.