Friend, is there any truth to the rumours of a lawsuit from current and former mods against Reddit, for back pay? I'm pretty convinced there's a case there, and your story is a prime example. One argument from Reddit might be that you and the community were the primary beneficiaries of your volunteer labour, but for Reddit to take your mod powers unilaterally sure makes them look like an employer rather than a maintainer of a public forum.
In the US, there are no circumstances under which a private for-profit company can legally accept volunteer labour like that. Further strengthening your case would be how much Facebook pays for moderation of their platform. Reddit built an entire business on the backs of people like you, and your stake in that should be recognised and compensated.