I'm on the fence on this one. If I draw a stick figure and put your name above it, is that unethical? What if I add a speech bubble saying something risqué? What if I'm a talented artist and I draw something pretty life-like? I don't see the lines here being too clear without claiming down on all expression.
What's there to be on the fence about? It's terrible and a infringement of free speech. But reddit has the right to ban it as a private company. It just make reddit look terrible and hypocritical.
But considering they are planning on IPOing, I guess they have to sell out.