In any labor dispute workers test the water to see how much power they weild. They threaten or invoke some sort of action (like a strike.) Management respond with lockouts, terminations and so on. Ultimately there is usually some resolution where both sides understand their co-dependence, but equally understand the limits of their own power.
Reddit is following the playback here. Moderators instigate a "strike" of sorts. They get locked out. Management tests the water to see if they weild actual community power, or are just a small group of malcontents.
It will be interesting to see this play out.