Reddit is dependent on free work. Moderators are a significant portion of that process, and they are the ones who depend on the API the most. If your moderators decide to do less work, your community starts going down in quality. If the community goes down in quality, they will make the decision that a smaller community is better than a poorly run community and someone else will capture that use case.

The question is if that will happen before an IPO. Given the climate, that IPO may be two years away.