Sure you do - and if you replaced your unpaid volunteer(s) with paid staff and call it a proper bar you would be well within your rights.
But if instead you try to recruit their close friends by throwing shade at their "attitude", hinting they are betraying their group, and insist your for-profit establishment is still a "community" of unpaid volunteers... don't be surprised if they refuse to play ball.
Reddit CxOs could be the grown ups and say "seriously, this was a good ride but this is a real business and we are overdue to monetize it" - and deal with the disconnect between their corporate strategy and their volunteer workforce in a straightforward manner (e.g. staffing moderation functions they made, by choice, essential to their business). But taking more editorial control would obviously have an impact on their liability and operational costs, and the reputation cost could impact their perceived relevance and business value as a media property (hello yahoo groups?)
So we are left to witness this web 2.0 dumpster fire, and by all signs reddit execs will keep playing chicken with its own community before they realize they have more to lose...
In the end it doesn't matter much - reddit will become irrelevant because of this, or something else in the future and new public forums will spring up. (I still remember when slashdot was relevant, for example)
But this is playing out with high-school politics levels of silliness, "Righteous Gemstones" levels of mismanagement cringe. I would not be surprised if this plays out like the WotC/D&D debacle (probably with Conde Nast pinning this on Hoffman for not threading the camel through the needle's eye, in an attempt to save the media property)