So, what happens if reddit just kicks out the mods participating? It's not like the owners of the subs actually own anything, they just happen to do work in exchange of clout or money(from 3rd parties). There will be unlimited supply of volunteers waiting in line to acquire this privilege. If anyone actually manages to do some damage, they can just roll back the database or something.

I've seen so many boycotts on the internet and the only one that worked was DIGG->Reddit and it worked only because Reddit was ready to take over.

It would be poetic if Reddit goes away the way it come but I wouldn't bet on it. The relationship is symbiotic but the parties are not equal, it's the platform that holds the power. Unlike the real world where atoms behaviour is absolute, in this virtual environment the platform decides about how the nature works and the only real power is in the hands of those who control the servers.