Nah, they decided some subreddits are "bad for advertisers" during the covid time, and /r/conspiracy got put on a long list of "undesirables". The precedent for the was /r/the_donald before that).

Some more radical pro-censorship subreddits decided to just ban anyone posting on any of those subreddits, and the sentiment spread to larger subreddits, like eg. /r/pics).

Combine conspiracies and covid, and "spreading covid fake news" was the official reason to ban people just by posting to any of such subreddits.