That surreal to me too, mostly because there there are no offered alternative such as forum or even clone. (i mean open reddark and just list)

I think from reddit perspective that could be considered as jackpot: 48 hours downtime it just 0.6% ( 100-((363/365)*100)) over year, if it is keep going - update TOS (something like - huge subreddits cannot be converted to private and etc.) and just replace mods...

As for endgame I think slowly users will start leaving, but it could take years.