I think you're missing the point. Reddit is not entitled to a user base. They have to provide a product users are interested in using. Right now, a lot of users are upset with Reddit and have decided to stop using it. It doesn't matter whether you agree with them or think they are being reasonable.

We'll see who ultimately comes out ahead. I figure it will be Reddit, but that doesn't mean anything about this is difficult to understand. This is how being a consumer works when you're upset with a provider and can't vote with your wallet.

Their TOS literally says otherwise

I granted a license to the content; I retain ownership

Obvious and inconsequential as what you want access to are the links submitted by other people which you don't have ownership of.

And we are just talking about links, which in most cases the submitter does not own the referenced content anyways.