Will a chunk of users stay off the site permanently? Maybe. Will Reddit as a business be better off without these users? Also maybe. There's definitely a case to be made that the community would benefit from more casual participation minus power tripping and over moderation from the top 0.01%.
For sure.
Knowing there’s a backlash against the backlash, I wonder if Reddit triples down and forcibly flips back to public all the top subreddits that went private.
There’s the problem of real quick finding new mods for like 8,000 subreddits. I’m sure the tail is long, but they’d probably start with the biggest and work their way down.
Ultimately all the data and code lives on Reddit servers. They can do whatever they want. The way they’ve acted so far I don’t see them backing down.