Realistically, I don't think this will go anywhere. While Reddit's use of free moderators to do the bulk of the work might raise eyebrows, they've been very clear about the fact that moderation is a volunteer effort, rewarded with "status" as a moderator and greater control of the communities moderated.
However...
Going forward, Reddit moderators should absolutely collectively bargain for pay, refusing to moderate unless Reddit pays them fairly for their efforts. I think I saw somewhere that the average moderator spends around 20 hours a week moderating (could be remembering wrong) so asking for equitable pay would be a way to deprive Reddit of millions of dollars of unpaid labor. Worst that happens there for the fediverse is that they agree, though.