Earlier quoted context omitted.
Spez is CEO because the board and investors deem him to be the best person for the job. Of course, he founded Reddit, so he has a strong case on merit for why he is the #1 person on the planet to run the company. The process for selecting moderators is way less meritocratic or democratic than this. They merely got there first, finders keepers. The analogy for landed gentry is accurate.
He's the CEO because he was the best person to take over after Ellen Pao resigned. He's the CEO today less because he's the right person, and more because the metrics were moving in the right direction and inertia. He might still be the best person for the job, but it isn't something the board actively reconsiders unless they have a reason to.
Even if you think the shit coming out of his mouth to be the right attitude, you have to ask why he’s saying it out loud, abrasively, in public, where it’s only going to make the product less attractive.