I've been on Medium for two years. Lately I've been interacting with writers with far fewer followers than I. I feel like a veteran, but 13 reads on my last article suggest otherwise.
My take is that many people on Medium leave within six months--after figuring out they can't make money here. Medium does amplify this illusion--on purpose. But the math just isn't there to support all the writers to have Medium pay their rent.
I call it the "Medium Lottery." Some writers get put on more feeds, which eventually attracts more followers and a few hundred dollars a month. How these writers are selected is a mystery.