They're pivoting to ensure that most of the content goes through their publications. I'm not sure why. The last thing the world wants is another online lefty newspaper based in California.
Medium used to be a marketplace for new ideas and interesting writing of all kinds, now it's a supermarket for professional journalists and editors to give each other work. Identity politics, poor insight and generally weak writing.
The 'clickbait paradox' is simply an opportunity to remove competition from outside the big publications. Once that happens Medium can then fully re-brand to Mediocre.