I see they’re following the Tumblr model:

• Get bought at overinflated values.
• Ban all NSFW content.
• Users leave and seek NSFW content elsewhere.
• Valuation plummets.
• “Actually, moderating NSFW is really hard you guys. We’re just going to try best efforts moderation only.”
• Sell at near total loss.
• There is still NSFW content on the platform, and the policy is used as a cudgel against LGBTQ accounts.