Why does Google Chrome's "Copy link to highlight" feature not work on Reddit sites?

Go to chrome://flags/#shared-highlighting-use-blocklist and set it to Disabled. This will fix the problem, as long as the Chrome developers do not decide to remove this option.

This setting is described as:

Uses a blocklist to disable Shared Highlighting link generation on certain sites where personalized or dynamic content or other technical restrictions make it unlikely that a URL can be generated and actually work when shared. – Mac, Windows, Linux, Chrome OS, Android