It can go one of a few ways.
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Apart from the few subs that remain offline, it'll basically be back to normal. Those that do remain offline indefinitely just get forcibly reopened or recreated by admins, especially huge subreddits like /r/videos. Smaller ones just get redicted to /r/topicnew or some other creative name.
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A lot of subreddits and more importantly moderators and users leave the site permanently. In order for this to happen however, there'd have to be a consensus alternative, which there isn't ATM. Otherwise, these communities are pretty much lost forever unless the mods put a message to go to X alternative service in the "subreddit is private" banner. Tbh, I don't think people are gonna stomach losing years of their lives in an instant so they'll just re create subreddits unless the mods provide an alternative.
No matter what though, they're not backing down on the effective removal of the API (still leaving the sneaky clause "you can pay us if you want but it'll be a king's ransom" for AI, even though they can just trawl the web manually lol). They'll probably announce some crappy customization features to hoodwink those who don't know what an API is and lie to them and say it's "API v2" or whatever.
I just honestly don't know how it's going to shake out and I'm scared im going to lose these communities. I don't give a single solitary fuck about Reddit the company anymore, and I never did really. I just hope all of the subreddits find a new home and don't just shrug their shoulders and say "welp, guess that's it guys".
Squabbles seems to have not hit user critical mass. Tildes looks like it's doing well.
The Lemmy + Kbin fediverse seems to be taking off like a rocket and has the best overall chance IMO of becoming the home for the best parts of Reddit's community.
While I’m enjoying my time here and I’m honestly shocked with the amount of engagement so far, I just don’t see the “fedaverse” ever gaining any mainstream traction. It’s unintuitive and the barrier of entry is way too high. Even googling “Lemmy” doesn’t bring up useful results.
Something like squabbles has a better chance for mainstream appeal, but it would need a miracle as it’s only one duder
That being said, I’ll still be here!
It's not helped by the fact that it has the same name as a famous musician. Googling for Lemmy just brings him up — the Fediverse doesn't show up unless you scroll down a ways, if it even shows on the front page at all. Same with Tildes and Squabbles, both being already existing words. Branding is important for recognizability, and "Reddit" has the advantage of being a unique name.