Users don't care about the moderators. Users care about the content.

Most people hate the mods. "Mods are gay" is a common refrain on reddit. The mods are the killjoys that removed your post that didn't conform to their hyper specific subreddit rules, or locked a fun post before you got there.

Mods aren't leaders, they're hall monitors.

I reckon most people wouldn't care, they aren't there for the mods. Others, although far fewer, would celebrate due to the power mod situation mentioned above. /r/all is just awful nowadays so it might be an improvement.