Speaking as a former reddit mod still atoning for my sins, I can say with confidence that the answer to the question: "what would happen if a reddit mod had actual power that mattered?"
Were you a super mod? Why would you want to be a mod? Is it because your lacked enough control over your life so moderating gave you a sense of power you didn't maintain in your own life?
If we're doing a bit, it's because all forms of pornography have lost their appeal for me after years of slapping myself silly in my landlady's basement (who is yes my mom technically), and eventually I could only achieve an erection, much less climax, by acting as a capricious and temperamental God among the mere mortals cursed to find themselves under my power. But eventually even that wasn't enough and I've since moved on to direct marketing in the crypto space.
If we're being humans, it's because a small community I was a part of, and for which I had some emotional skin in the game, needed help and I decided to give it a shot. I only ever did the one subreddit, and we never grew larger than... I don't know 250k, and then I burned out and moved on.
Most people mod because they love a community and don’t want it to die. If it weren’t for mods the forums you are currently using would devolve into spam and hate speech immediately. Sure some mods are bad, some are terrible, but the majority are good.