This exactly. While many may sympathize with the blackout, the equivalent of what the mods are doing is squatting on a sub name and not doing anything with it. Of course Reddit has the right to remove you from moderating and open it back up. If you truly want to show Reddit you mean business then stop using Reddit, but taking a sub, shutting it down indefinitely means the admins have every right to remove you.It's not theirs. If they want to make those kinds of unilateral decisions, build and own their own Reddit.
That's why I always said that the more powerful message is to not use Reddit, but that's much harder to organize the masses to do.