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A possible problem is that they would be forced to find new volunteers to run them. While I bet there's many who want to be "gods" I bet it's harder to find people who can do it well enough to run a 10+ million forum. Especially hamstringed by reddits lack of modtools.
So sure, Reddit can remove the mods and do it multiple times but it will continuously lead to a worse experience and sooner or later an unacceptable amount of spam, hate and CP will cause the advertisers to pull their ads.
This is absolutely true. There are often calls for 'anyone want to mod' on even smaller subs... and you know, it sounds fun to a lot of folks at first. But if you've ever actualy been a mod, even of a smaller community online? It loses its appeal very quickly.
Real-world equivalent: “You should run for HOA President!”
Or, union president. Or pto president. Or fucking president of anything else that's volunteer run. Just. No. Some things aren't worth it.
I am curious how much time you would say a mod spends a day modding
I’ve seen plenty of communities where it’s clear that the mods only stop by from time to time and they get by just fine, spam and malicious posts will still be a small minority. Some set automod on a shoot first, ask questions later setting where all reported comments get deleted until the mod restores them.
I really don’t think finding new moderation will be an issue. As much as it would be nice for Reddit to be screwed over by the mods it’s going to be a non-issue for them, there’s already measures in place to prevent subreddit parking and plenty of willing volunteers.