I think of it a bit differently.
Reddit could have its 10 commandments and adhere to that. That would be clear and transparent and it should apply both to mods and users alike. There should be no cider house rules. A community is given power by its userbase. Mods should respect their userbase more than they do.
Mods can simply not be trusted to be good faith actors. They constantly abuse their power and Reddit enables it. They are encouraged by the (cult)ture there.
Every mod is free to act as they wish and Reddit will support it. They act like bullies is more like it. Do as I say not as I do.
I then take a step back and wonder. Are crowds truly wise? Or are we simply watching groupthink play out at massive scale?
The crowd is not a crowd anymore. It is a herd.