I don't think Reddit cares about appeasing moderators. Though with or without this move it will be very interesting to see what will happen to Reddit if there is a mass exodus of moderators. Moderation is IMO the hardest problem in social media, all other platforms (Twitter, Facebook, etc) are objectively terrible at it. Reddit on the other hand with moderation at the micro level vs macro level seems to work. But its 100% on the backs of charitable time from unpaid users. If that falls apart, I can see it having a devastating effect on Reddit as a whole.

Once you've chosen Exit as your protest strategy, you lose Voice.