You echo some of my sentiments.
I did a huge cleanup of who I follow two months ago but need to do it again. There are so many good writers that FOMO creeps in that, if I unfollow, I might miss a magnificent story. Problem is there are only 24 hours in a day, so even my Reading List climbs to an unmanageable number as, to truly engage and leave time for other things, (like writing; reading 5–7 daily is my max.
Regarding followers, I always check their profiles to see if they are writers or readers. I also check if they are Medium members — especially the readers, the bulk of whom are not. This means that I get no financial traction from their engagement. The volumes of non-members seems to have increased this year.
A huge following therefore does NOT translate into success on the Medium Partner Program.
The most engagement I receive is from fellow writers — so thanks to you all — great that we support each other!