I agree! Now that you mention it I see the same things on Facebook, as well.
One platform that I think does their algorithm well is YouTube. It is not great for early beginners but if you give it time it will give you good reach.
However, as a user, I love that I get a mix of the people I am subscribed to latest videos and videos YouTube thinks I'm interested in. I'm not always interested, but I have found some great creators on my homepage that I would have never looked for.
I think Medium could take some guidance from that type of homepage/algorithm that mixes up the content.
On your point about greed, it would be interesting to see what the total earnings of all writers is per month. In theory, it should be around the same, but increasing as new people join. Supposedly, the less people read the more their read time is worth. Has Medium changed this as well?
The worst is that their change towards a relational platform actually hurt the experience as a reader. This will make less people want to pay for the program hurting Medium's bottom line. Seriously, what is going on here?