The FBI might target them, but most likely for their laissez-faire moderation where deleting a subsection literally dedicated to child pornography caused a major uproar.
I think calling r/jailbait pornography could be debatable. Technically speaking there wasn't anything illegal with the sub-reddit, which is why it upset a lot of people - even those who wouldn't go close to r/jailbait (such as myself).
I take issue with your description of /r/jailbait. None of the images in that subreddit qualified as child pornography under the definition of child pornography on the Wikipedia page.
Even in light of US vs Knox, which I had not know about, the material on r/jailbait was not child pornography. The courts opinion list some criteria for something to be considered child pornography. The material on r/jailbait does not fit these criteria.
1) whether the focal point of the visual depiction is on the child's genitalia or pubic area;
2) whether the setting of the visual depiction is sexually suggestive, i.e., in a place or pose generally associated with sexual activity;
3) whether the child is depicted in an unnatural pose, or in inappropriate attire, considering the age of the child;
4) whether the child is fully or partially clothed, or nude;
5) whether the visual depiction suggests sexual coyness or a willingness to engage in sexual activity;
6) whether the visual depiction is intended or designed to elicit a sexual response in the viewer.
The FBI might target them, but most likely for their laissez-faire moderation where deleting a subsection literally dedicated to child pornography caused a major uproar.