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Reddit CEO Digs In Heels As User Outrage Engulfs Website
(www.huffpost.com)
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They totally exist, but the community tends to build around them when it's bad.
Someone posted https://subredditstats.com/ and it became so clear how reddit had changed in the last 3 years. All my subs have expanded 3-5x in size, and over that same period the quality declined a lot.
Oh there are plenty of shitty mods on certain subreddits, but the biggest issue is that often the community doesn't realize it. Some person gets banned for some stupid reason, the community doesn't know. That's one of the biggest issues with community moderation especially on Reddit: it is entirely too easy for moderators to act invisibly and absolutely no one would be any the wiser because the only person that could point out the abuse of power can no longer post.