As a trader, I would say this is a minor correction and we really should not read much into it. :) (of course, this is not a financial graph, but I've seen the similar patterns of impulse/correction in many graphs that measure opinion and/or human activity)
This seems less about users bailing and more about instance admins deciding to do so. The latter have a much higher level of overhead and stress to deal with, so it makes sense to see as the highs of the Reddit protests fade out.