Sub-reddits are like irc channels or usenet newsgroups, they can have owners and be moderated to whatever degree those owners desire. Some sub-reddits are very tightly moderated.
Or Reddit needs to focus on providing a good API and Disqus-like embedding so they can provide Reddit-as-a-service for other websites. Right now sites can throw a skin on a reddit community and wrap it in a domain-name, but it's not really set up for embedding.