Yes, your assessment is exactly right. I remember when that sub was very young and I was a teenager. It started with the 15 or so actual examples of historical queer erasure, and then went on to the 50 or so examples of ambiguously queer figures that the members of the sub felt should be viewed as queer, and for a while it was the same few things being reposted so memes were tolerated, and now it's basically just memes and social media posts. Such is the life cycle of a subreddit.