This doesn't ring true to me. Reddit has clearly demonstrated a desire/mandate to monetize, even at the expense of its users. If they thought they had a viable

This doesn't ring true to me. Reddit has clearly demonstrated a desire/mandate to monetize, even at the expense of its users. If they thought they had a viable Google competitor they wouldn't look that gift horse in the mouth. The fact that unpaid volunteers (mods) are handling the spam problem is an upside.