If the moderators decide to go private again, then Reddit will kick them out and replace them with someone who will toe the official Reddit line. (“Everything Reddit is doing is great and you’ll be banned for saying differently!”)

If the new moderators are horrible at their job, then Reddit won’t care. They’re betting on their site being large enough that a few subs going bad won’t hurt them. They’re also banking on there being no Reddit alternatives for users to flee to. (They don’t see Lemmy as a threat just yet.)