Probably a very _very_ controversial and unpopular opinion - though I welcome any insight or opinions from others.
Reddit is fully within their rights to seize the subreddits from their unpaid moderators and I would expect them to if they're gearing up for an IPO. They're fully within their rights to change how people access their website, how people interact with it, and limit who has access to the data on the website.
When I clicked on a reddit result on Google to find some information, only to find it has been closed down in protest after trying to find something on Google, I was frustrated - not at Reddit, but the unpaid moderators who believe they have some sort of self-ordained right to manipulate a company (granted, I guess they do have some power as Reddit is relying on these unpaid moderators to do Reddits job.)
I highly, highly doubt that Reddit will change their tune - they might lower the API costs, they might capitulate in some capacity in some regards to accessibility, but they'll still work towards an IPO and will harm their website as a result.
Their CEO is a scumbag and both their paid and unpaid moderators/admins have strong biases in any subreddits that aren't niche hobbies and meant for wider audiences. Great for those who wish to follow the echo chambers, but not so great for others who don't _really_ have alternatives.
I'll be happy if Reddit disappears off the planet, but I fear what will replace it will be even more restrictive - the internet needs decentralization of social media and communication.