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After porn-y protest, Reddit ousted mods; replacing them isn’t simple
(arstechnica.com)
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The problem is that Reddit can't actually do that. Because the cost (as others have pointed out) would be way higher even at minimum wage. Reddit is completely reliant on free labour. It would have gone under a long time ago without it. Given the leadership's hostility towards the people that create the content and help maintain that content, Reddit going under is overdue and the platform is now past it's use by.