That said, perhaps moderators and users should be willing to admit that Reddit produces some of the value here. Every voice I've heard is, "we do all the work", "we produce all the value". It's also comical to hear moderators say that when the users of their subreddit could make the same claim trumping the moderator.
Right now the mods seem to be flexing their muscle, showing that Reddit has allowed them too much power, rather than showing the actual need for an api. In all of these discussions, I haven't seen a single video detailing side by side how necessary the third party apps are. Just claims that everyone needs them and uses them.
Reddit, of course, seems hell bent on making their UI worse and worse. I don't know what their play is or how they plan on getting paid for it. I have to say, though, for a free product their ads are among the least intrusive I can think of.
Every subreddit is just a click away from moving, though. I see some doing it. But a lot of those subreddits enjoy the influx of users that reddit brings them (until they don't, of course).
The question of who produces the value is subjective and largely meaningless. Reddit would have no value if nobody posted. But it would have no value if Reddit turned off the servers. Reddit would have no value if the power company shut off the electricity. It doesn't matter who "creates more value". All that matters is who has more control and leverage, and how much they are willing to exercise it.
This is a universal truth.