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The users would have won if they did actually nothing, it the sense that they wouldn't interact with reddit at all, tf is Spez gonna do when the entire business model is based on user content? He would have given up because there was no way he would have accepted to lose his entire business or a large part of it.
I don't think you realize how unrealistic it is to expect the entire userbase of Reddit to all collectively agree to get up and leave. Spez knew he didn't have to worry about the impossible.
You don't need the entire userbase or even close to the entire userbase. Just enough to make it lose more money then charging for the API. The shareholders are money driven.
Even that sizeable of a percentage would never been realistic. Spez knew this, and he was right.