No, because it leads to an incoherent policy.
Reddit's original policy, for better or for worse, was "anything that isn't illegal." They had to add one or two things to that over the years but they stuck to that.
Reddit's policy then became, unofficially, "trust us to get rid of the crap." That sounds fine, but it has problems:
1. it's not the original policy. HN has a "trust us" policy and it works great but it's always had that. HN has never been billed as "come say what you want." Changing the policy is a bait and switch to the old community.
2. It was never admitted to. While switching to the new policy, the official line was that the old policy was still in place.
3. It requires positive social capital. Remember Philip Greenspun's infamous article describing the VCs at ArsDigita as "a group of nursery school children who've stolen a Boeing 747 and are now flipping all the switches trying to get it to take off"[1]? That's what the reddit admin has been like for months, and it leads to negative social capital. Some guy was shadowbanned but didn't know it for years, patiently posting in subreddits all along. The CEO didn't use the company's only product.
If you've ever experienced a dysfunctional internet community -- and who hasn't -- you recognize the patterns of decisions made in a hurry to stop whomever is immediately yelling at you and then trying to justify it with whatever they can cobble together afterwards, and that explanation will be completely unsuitable for the next crisis which will require yet another made up explanation.
[1] http://waxy.org/random/arsdigita/