It’s obvious that Reddit as a company has no respect for its users and less than that for the mods. It’s a thankless, difficult job that isn’t even a paid position. I think a lot of us have probably quit real jobs for less bs than Reddit has pulled.
So why stay? Why bother with protests and such when the company has made it clear they don’t value your work or your opinions? Why not just pull out en masse and let the place burn to the ground?
Some people are dedicated and like working for their community, the work being its own reward. They may be worried what would happen to their community if they leave (and new mods are appointed by the overlords) which is a real concern for many, especially the more niche ones, I think. Recreating those communities elsewhere can be tough (and no, Lemmy / the Fediverse isn’t an alternative for everyone yet, not least because of the relatively higher initial investment into understanding the structure). They may feel like there is still is hope, they don’t want to abandon ship until the bitter absolute end and I can respect that. Some people may also simply like the attention (we are talking about mods here after all ololol mods ghey).