There are distinct questions here: whether Reddit has the right to forcibly reopen subreddits, whether it’s justified in doing so, and whether it’s a good idea at all. The first isn’t in dispute, but the other two are open for debate.
It could all go super well and everyone forgets about this shakeup, or it could engender further animosity and chase people (particularly trend-setting power users) to some other platform. It could also ruin some communities if the wrong new mods are chosen.
I’m not sure how likely this is but it is plausible.