The reason this is a terrible mistake for Reddit is that now their next several years of corporate narrative will be dominated by which subs should be banned.

The reason this is a terrible mistake for Reddit is that now their next several years of corporate narrative will be dominated by which subs should be banned. They won't really be able to get much else attention for anything else. When they try, the conversation will be hijacked and diverted to "When will you ban subreddit X?" Once the door for this kind of thing is open this wide, it's all they're going to be able to talk about, for years. From a purely cold-blooded business perspective, it's a fatal move, just in a way that may not be immediately obvious to them.