I guess the way I'm thinking of it as is the vocal majority the right representation and worry for reddit? Think about the petition they tried to get going. The number of signatures was minuscule comparative to the total number of users.
So you think that reddit has any value at all after you remove the top 20% of users that generate 80% of the content? I think those users you speak about are fairly accurate in their assessment.
Subreddits started as a way to categorize posts, due to a certain influx of meme's and some users said "hey, can't we mark them, so I do t have to see them" and then later these tags developed into forums of their own.
Apparently the idea was actually from Paul Graham, but it was never presented as a corporate idea.
Do something your user base disagrees with? They'll go elsewhere. The site then dies out into obscurity like Digg and a new site will take over.
Not that they own it technically. But like you say, reddit dies if they leave.
I think that's because Reddit has fostered the idea that its users form real communities and it has let them self-administer to a large extent. In modern society, that comes with expectations of something like a democratic process. People then get angry when Reddit violates those expectations and acts like an autocratic corporation.