No, not at all. If Reddit were to adopt this model, then anyone could act as a moderator for any subreddit, publishing their modding decisions and letting everyone else opt in to applying those decisions to the posts and comments that they see.
I suspect that if someone's modding decisions could be ignored at the click of a button, there would be less temptation for them to abuse their power, and the role of moderator would no longer attract people who want to force their view onto others.
More "select few" the better, enough echo chambers and you are just hearing yourself. Facebook is in the hands of Zuck.
The WWW exists, that allows "select few" to publish and irc/bbs/group chat are echo chambers, but these techa have not done the damage that social media has. They are doing something wrong.
So, basically what Reddit does.
This leads to the creation of echo-chambers where the power is at the hand of select few.