The pattern we're seeing with #Reddit and zero compensation for mods is not a new one. AOL was doing something similar in the 1990s and only stopped after receiving legal pressure.

https://tedium.co/2021/07/23/aol-community-leader-volunter-program-history/

How AOL Got 14,000 People to Work Remotely for Free

Considering the fact that many early online networks relied on volunteers to help build up their base—until one such network, AOL, got too big.

Tedium: The Dull Side of the Internet.
(At least in the case of AOL, they got free hours.)
@ernie I worked 8 hours a week as an MHM (member helping members) for FREE AOL. I was only supposed to answer qs about using AOL but lots of people asked questions about how to cut and paste and other basic stuff. My moderator never reported me. I got another person kicked off the service - he though I should engage in virtual sex with him in my downtime. I did meet some other MHM folks for dinners and adventures (Allman Bros concert etc).