I think the general reddit community underestimates how important moderation is. Yes, you have some moderators who go overboard, push a personal agenda on something that's supposed to be a neutral subreddit, etc. But subreddits without active moderation very quickly (in order of increasing tragedy) lose their focus, get overtaken by spam, or become hangouts for Nazis. reddit closes unmoderated subs for a reason.

Also a large chunk of the people who complain about moderators are actually upset that moderators stop their subreddits from being overtaken by Nazis. If you want completely unmoderated anonymous public discourse, go to 4Chan and see how it goes there. Though even that is moderated.