Reddit banned jailbait because it was bound to host a lot of illegal material, not because it was disgusting.
> You don't get to provide material support for a site and at the same time say "we're not responsible for it".
I understand their position as "we materially support everything that interest some people and doesn't break the law, irrespective of our personal opinion about it". It means sometimes supporting stuff they might sometimes find personally appalling, just as a lawyer sometimes has to try and get out of jail a person he personally despises.
Besides, supporting freedom of speech forces to support questionable expressions: speeches which don't offend anyone don't need to be protected.