The protests had a good run i would say. Had a critical mass, reddit needed to react in some form or another, it got good press coverage. Not bad.
IMHO the turning point was when reddit started to message automated threats to the mods. Instead of escalating it further most subs just folded. Even though the community, subs and mods still had the upper hand at the time. There was no way for reddit to replace the mods of thousands of subs. They couldnt do it in a timely manner with even a single subreddit(i dont remember which it was, interestingasfuck?). What followed was funny but had no meaningful impact in any way. NSFW, swearing, John Oliver. Who cares?

Also a "fuck reddit" meme instead of "fuck spez" would have been IMHO a more impactful message since not only the ceo is a dickhead, the whole company sucks.

On top of just staying dark i think the community should have invested more time exposing the bullshit reddit was pulling off at the time. Like using bots powered by chatgpt. There was so much weird shit going on worth exposing.