It is threatened on several fronts. However, the most serious danger for the social sciences is is tendency to become pretentious and uncontrolled. Until this happens, the continued dominance of neoclassical theory is ensured by the fact that one can't beat something with nothing. To explain an event is to give an account of why it happened. Usually, and always ultimately, this takes the form of citing an earlier event as the cause of the event we want to explain, together with some account of the causal mechanism connecting the two events.
Reduction is at the heart of progress in science.
It is also, and very importantly, a way of coming to grips with ourselves - not only what we should do, but even what we should be.