If people can make full fledged client apps that rake in millions of dollars that need corporate structures around it, they can certainly take that pull and build communities that offer Reddit like experience (I mean, you have the UI built already right?) without the Reddit like bullshit.
So what if reddit decides its data is valuable to itself and it doesn't want to share it on your terms?
Maybe you can capitalize on your position as it is right now and strategize your way around it.