One thing Reddit did right was that it kept your content. Even if you were permanently suspended, you could go in and view your posts. This differs from, e.g., Google where you see people lose all their life's memories because they got locked out of their account.
I imagine that there are many people who don't even have a Reddit account, but casually browse it just because there's so much info in there.
But the users own that content, not Reddit. The best thing to do is to migrate by deleting your content from Reddit and moving it elsewhere. Once a critical mass of content is lost, Reddit's value drops tremendously.
Who would care when Reddit admins take over and forcibly reopen r/iPhone, if there are no posts left in the subreddit?