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Sure, if that's how a really popular subreddit pays it's moderators, it's not unreasonable. We just know that isn't what's going on here.
In addition, it would be unreasonable to expect users of a free service to suddenly start paying for it without an extremely huge value boost which there's been no mention of. If anything engagement will certainly go down, further reducing the value.
If Reddit were run by competent people, I'd think that paywalled subs might be a good idea. I imagine that there are countless scenarios where people have really useful info to share, but at the same time, said info can't be spread too widely, and a paywall is one way of making sure that only people who truly care about said info can take advantage of it.
Enshitification is inevitable
If they grandfather existing subscribers in it might work for a few months or years, and what does the current Reddit leadership care if that community survives longer than they stay at the company. They also might make a few sales with paywalled celebrity IAmA threads. In any case I will watch from the sidelines and enjoy the spectacle 🍿.