One possible outcome is that the pie shrinks. If Reddit hurts the user experience and drives away creators and mods, some people will leave with no alternative

One possible outcome is that the pie shrinks. If Reddit hurts the user experience and drives away creators and mods, some people will leave with no alternative and simply spend less time on the Internet. In my case, I've replaced my Reddit time ~50% with HN and ~50% with... something else, like doing work.