It'd be like writing Apache or Nginx from scratch. It seems simple on the surface and then you wake up to all kinds of inconvenient and unexpected technical challenges.
I'm not sure Reddit's engineering resources are best allocated to building ad serving infrastructure and software. It was going to be an ongoing headache from the start, and worse, it sounds like it was build with a language and stack that was fairly new to the team.
My prediction is that it will become a high cost and difficult to maintain project that will also prove difficult to hire for when this engineering team gets tired of working on the (currently new and fun, soon to be old and scary) adserver and moves on to other jobs.
My point being that some challenges are best left to third parties who make solving some problem its full time job. I truly do not say that out of bias, just experience building and managing such a complex system.