I think you're right, partly. But I also think that a lot of the people who put up with it are the passive ones who don't really contribute much to communities anyway; they're just there.
The people who do the real contributing—posting, modding, defining the culture and building the communities that Reddit benefits from—are, as far as I can tell, more likely to get a lot angrier about abusive corporate nonsense, simply because they're more invested.
The more invested you are, the more screwed you feel. That's something that a person like Huffman is incapable of grasping, to his company's detriment.
I don't think the blackout alone will end Reddit. I don't think any one thing will end Reddit. I think, similar to Twitter, that it'll be a series of things: indignities large and small that successively alienate the people who matter most to these companies whether the C-level/marketer types realize it or not.
And at some point, similar to what I expect will happen to Twitter, Reddit will simply no longer be relevant in the way it once was. Whether they understand why is another question, but to me, it's always been clear.
tl;dr: Reddit the company is just a dumb pipe. Reddit as we think of it is a culture and community. That culture and community is defined by a relatively small collection of people who are on there because they care. When enough of them get disgusted enough to go elsewhere, Reddit—both the company and the community—will cease to exist in any meaningful capacity.