The older I get, the more I believe the issue is with centralization (which the DMCA had a huge part in establishing).
What if there were no redit servers, and each subredit was self hosted? What would the incentive be for people to post child porn on some small independently run server?
As the subredit owner, you could just censor whoever you wanted, with very little global internet drama. Tools for autoflagging posts could still exist. Over-censored forums would piss off users, and be easily replaced. Similarly, under censored ones would lose users / get busted.
This all worked fine pre-internet. Editors would decide who and what would be posted.
It still works for things like audio fiction podcasts, where "slush readers" filter submissions, and money / reputation are exchanged when stuff gets published. In addition to leading to much better moderation than the big Internet sites, it creates jobs for domain experts.
The main problem is that it doesn't scale to a $1B/mo business that investors can siphon money off of. Instead, it's best structured as an ecosystem of small botique businesses.