When Automattic bought Tumblr, I hoped that Automattic would turn Tumblr into a universal platform for personal blogging. Instead, it remains the niche product that it’s been for many years.
I think the only reason Automattic keeps it going is the same reason I remain active there – I just plain like it. I like reading the weird posts (I’m a weirdo too!) and seeing the memes and GIFsets and vintage photos. I browse it at bedtime and other periods of downtime.
Matt Mullenwegg has a gajillion dollars, so he can afford to keep the whole site going for his own amusement the same way I, a middle-class guy who types for a living, can afford $69.99/year for Tumblr Premium.