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I feel all those posts about reddit looking for mods for various communities is a good indicator. They might not have lost quantity all that much, but a very small portion of quality kept a lot of reddit interesting and running smoothly. A lot of that has either just dropped entirely engaging or migrated.
I doubt everyone would move. Some people simply take it as a sign to move on and do other things with their limited time on this little planet.
I see it as a signs of problems to come. Being a Mod sucks, the only reason most hung around was that they were passionate for the subs they moderated. Replacing moderators at first might be easy but I believe, with time, the turnover rate will increase linearly thus causing a massive drop in quality content as time progress. Thus causing a feed back loop of less good users, less good content and more shit users, more shit content, culminating in the slow and painful death Reddit.