Some of their early well known content was where to get coke in Brooklyn and how to sleep with a stripper. And in 2006, that was edgy ny hipster content. That was their brand from the absolute beginning. They just happened to also do some good video journalism along the way.
So you just made up a story of fictional version of Vice being taken over by trust fund Millenials (whatever that means) and you didn't realize that the content you hate was present in Vice from start to finish of its lifecycle (and may have even made its actual journalism possible). And then, when called out on it, you pretended you did know that all along.
Yes and what it was successful as was something else again. The trust fund kiddies went away and actually interesting people took over. Then the trust fund kiddies came back and ran it to the ground. Same thing as reddit.
When Vice was just the magazine, it was pretty influential considering it was just, basically, three guys. Gavin McInnes gets a lot of stick these days, but he was pretty instrumental to establishing the baseline "Vice-voice."
It kept its unique voice for a decent amount of time, but it eventually sank into a mode where it was where you went to hear the same things you heard anywhere else, but with a bit more blue language as an affectation of authenticity.
Going from Hipster Mad Magazine to Hipster National Geographic worked for far longer than I would have guessed.