The difference between Musk/Twitter and spez/Reddit is that the value of Reddit lies in its army of unpaid moderators, and Twitter's value lies in its brand recognition. When Musk took over and pissed off everyone, the only protest the users can do is to leave the platform. Some did but not enough to hurt Twitter. That's because the management (ie modding) is done by Twitter staff already. With a strong brand, Twitte…
Then they will find new ones. As long as Reddit has usecases, as long as the powertrip is worth the lack of ownership and poor tooling, there will be mods willing to moderate subs and feeling powerful and getting drunk off of it. 'Historically', this has happened in every social medium with moderation so far.
There's no anarchy here. Most Redditors don't care for the mods in particular. If the underlying reason doesn't move them, a new generation of mods will take place and the cycle continues.