I think you're right. Honestly, I struggle to see the value of Medium for readers. Yes, there are good writers on here, including you. But for every Gambardella, there's hundreds of grifters looking for a quick buck or shrieking doom-merchants preaching the end of the world. If I didn't write here, I doubt I'd pay just to wade through the (mostly bad) writing.
It doesn't help that the algorithm is compromised by Medium's desire to push certain publications. Every day I block some publications only to have them pop up again the next day. It doesn't seem like the way to build a loyal customer base to me.