I definitely side with the users and mods who have given their time and effort on making the site what it is. I like the protest and think it's bringing attention to really just the tip of the iceberg of a big issue in society today around information asymmetry.
But I also sort of like the "aristocracy" term for mods. I've found roughly 50% of time I hit the front-page my posts are taken down by a mod for ulterior reasons. It can be infuriating. So I think some pushback might be warranted. Unfortunately not every mod is dang, patron saint of moderation, who in all my run-ins with him has been strict but fair, instructive, and non-anon (which I wish all mods were).