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Reddit says it's made $203M so far licensing its data
(techcrunch.com)
This is a most excellent place for technology news and articles.
Yes there'd be less, but the amount is purely speculative and you don't know anymore than I do.
Even if they have to go with the ad-supported model to maintain a large active userbase, that can easily be done without all the tracking. But again, they chose the shittiest option...there's really a pattern of them just being massive assholes. No matter what options they have, they'll apparently go for the shittiest one that screws over the users the most.