Having /r/Pics down permanently because of a protest would be a problem, but a poorly moderated /r/Pics would not. The quality would just go down, and Reddit would get a good justification for locking it down.
"No, /r/Pics wasn't shut down because of the protest, it was shut down because there were too many law-breaking posts. And you know how tough we have to be on those kinds of posts."
At least, that's my take on how most investors would look at it. Investors love companies who focus on profitability, regardless of their long term perspective.