They can try but without the moderation tools at the core of the issue, the subs will be inundated with bot spam till it dies. There will never be enough admins with free time to replace all the unpaid moderators let alone their knowledge. Not to mention doing a hostile takeover of subs without any understanding of each community's values will serve only to piss off more people.
Besides cashing out a dying platform, there is no winning for Reddit if they keep this up.
I'd be interested in something like a lightweight CDN/replication with OAuth2 for logging into other instances. Each instance 'replicates' your original account but isn't itself the master. One can be promoted to master in the event of an outage effectively migrating your account.
Would make for some difficult security considerations given a rogue instance could attempt to hijack authority.