I think Reddit realized that most of their usage is on mobile and through their official apps. As such, they have the ability, even for people who aren't logged in, to identify users.
It could be possible that going forward, they decided to lower the friction a lot by allowing users to go about on their application without logging in. This is a known trick where you build a "shadow user" where you browse as a guest up to the point where you eventually register an account and that shadow user gets merged into your real account.
A couple months/years ago, Reddit was trying really hard to get people to register accounts but it seems like they have toned it down a bit recently which suggests to me that they might be considering this approach? I'm not 100% sure though, I haven't research it that much, somebody here might be able to provide more information.
We'll see how it plays out with the earnings coming up, but I think a frictionless approach with unlogged users might reap a lot of benefits for the company as the ad platform can still perform really well for guest users as they are identifiable while helping grow their user base and registration numbers.
What do you think?