We'll see, but my bet is on they going full NSFW... cuz controlling that many people not to shitpost is gonna turn into a nightmare. People will get banned left and right, subs will be closed... people that are not into NSFW content will eventually start loosing interest in reddit and leave or delete their accounts.
They thought they could play the users like FB does... so did Twitter. They forgot one important fact. Most of the users on both of these platfroms are intelectuals. You can't play with that crowd however you like. They know they can leave or switch platforms whenever they like.
Eventually, they won't loose, you'd have to be an idiot not to see some good in every bad situation. As I said, they'll just shift directions, shift the site into a dating/hookup one, something like that, maybe also try to cater to the LGBTQ+ crowd, that could also draw some of the ones that left back in, etc. Eventually, they'll drop the IPO all together and just do PH does, show ads from porn sites. Hey, that's a high income business as well... maybe even go down the production road, become the Netflix of porn, who knows 🤷. I mean, why not, that's what I'd do, you could be the biggest player in the porn industry.