NOTE: The URL linked to this post is a web.archive.org archive linked to a Libreddit instance to prevent Reddit from taking down that post from the internet + prevent giving Reddit direct traffic. Other links linked here go straight to Libreddit urls or to news articles. No links here lead directly to Reddit.
Libreddit is a third-party web client hosted by third-party servers.
So what would happen if the mods refused to moderate and let anybody post anything they want? It's not like they are getting paid and reddit isn't going to pay anybody to moderate.
Even if they did pay someone the quality of moderation will be extremely poor because those people will be surely underpaid, overworked, and won't have any interest in the subreddit's topic.