In the 2024 UK general election, they got 14.3% of the vote. I don't think that's a "tiny minority". And if that's a "tiny minority", then the 12.2% of the vote Lib Dems got is an even tinier minority.
The problem that Reform has, is that 14.3% is spread too thin geographically. Reform got 5 MPs from 14.3%, Lib Dems got 72 MPs from 12.2% – because Lib Dem support is more concentrated in particular constituencies, mostly in southern England.
This is a side-effect of first-past-the-post. If the 2011 Alternative Vote referendum had succeeded, then Reform would have likely ended up with more seats in 2024; although even with alternate vote, the seats-per-vote advantage that Lib Dems have over Reform due to their greater geographic concentration would have still existed, albeit somewhat attenuated. A more fully proportional system, such as those used by the devolved legislatures of Scotland, Wales and Northern Ireland, would have attenuated that advantage even further–although those systems are still region-based, so even they may not completely eliminate it.