I think they are trying to come up with an exit strategy to another platform. The more they put this off and delay and delay the less likely they are to gain any traction of users to move, if anything I think it's just an excuse to not move as you said later.
In reality, it’s just an excuse to put off the inevitable. They really don’t want to rebuild, so it’s all or nothing and a tough thing to let go.
Truth is they don't want to leave reddit and most moderators had their bluff called about the situation. I'm not saying they're power hungry or spez was right but they don't want to leave because it's too difficult for them to start over and build communities or they don't have the skills to do it. Some might dislike the lack of prestige as well who knows. However, they're sticking around clearly because they don't want to leave and deep down inside they have hope that something will change and they will go back to the old normal, some will come to accept the new normal and change their minds.
I've personally been down this route before where I invested thousands of man hours into communities but sometimes you just need to know it's time to move on close up shop and do something else, I just don't think most of the people who moderate on Reddit have the stomach for it.
I feel the same way, but as others have said commenting is also participation