I would probably re-phrase that to say it's basically a scheme to take money from some hedge funds. Robinhood, one of the stock trading brokerages heavily involved in all this makes a lot of money selling trading information to financial institutions such as large hedge funds. Other brokerage firms do the same thing, that information is not available to the likes of you or me.
My guess would be that some of the largest and smartest hedge funds and professional trading companies are the ones selling shares such as Gamestop to the reddit crowd. They will have bought these shares at very low levels several weeks or even months ago. They would have been watching data available from people like Robinhood for a while, they would also be totally aware of what short positions hedge funds or other individuals were taking.
Some of the reddit crowd will undoubtedly have made a fortune, but I suspect for a great many of them its all going to end up in tears. There is absolutely no way on any kind of metric that Gamestop is worth anything like the kind of money its share price is currently trading at.
I really like this well know saying when it comes to stock markets.
The father of value investing, Benjamin Graham, explained this concept by saying that in the short run, the market is like a voting machine--tallying up which firms are popular and unpopular. But in the long run, the market is like a weighing machine--assessing the substance of a company.
When people eventually get around to weighing what Gamestop is worth, some people are going to lose a great deal of money.