I'm torn, on one hand this is hilarious and if they didn't do this the admins would just change the moderators to someone who would run it. On the other hand, Reddit got what it wanted: the sub has reopened, posts are flowing, ads are being served and Reddit is making money.
i honestly doubt that the traffic R/pics had before this change will stay.
this is the best way honestly even better than restricted it will effectively hurt the traffic while they ( officially ) cant be dicks i mean they still can but you know.
Reddit could put a bot that just cycles through reposts from the last 15 years in the top 50 subs and the front page (and just bot-paste articles on all the news and politics subs) and the FP would be indistinguishable to the average r/all lurker.
There's already a shitload of bots just copy-pasting comments and reposting old generic pics. I've noticed a huge increase of those over the past few months.