My Reddit account got hacked a few years ago because I created a Reddit account using a throwaway password, since I didn't care much about Reddit when I started. The hacker started using it to promote crypto.
I was able to get the old account disabled, but couldn't get it back because I couldn't prove I'd ever owned it. So I created a new account, and it wasn't a big deal, but I was annoyed that I lost my preferred username. Fortunately I'm not a moderator for any subreddits.
Don't get the privacy concerns. I'm totally fine if people know what I post on Reddit. It's public. I wouldn't want any friends to get confused by private messages sent as me, though.
People who don't care about losing their account probably aren't doing anything they care about with it, and that's okay, but it's not everyone.