This is true. I am a moderator for /r/mildlyinteresting and two weeks before we became a default, we were asked if we wanted to opt-out. It was hotly-debated between the moderators for about a week and any one of us could have answered the admin, but we put it to a vote and ended up becoming a default.
The mods were absolutely involved in the decision to make the subreddit a default. Unfortunately, moderators are not elected and they cannot be usurped. They have no obligations to their subscribers, and indeed in this case they made the decision behind closed doors.
> Unfortunately, moderators are not elected and they cannot be usurped. They have no obligations to their subscribers,
This is one of the big weaknesses of Reddit right now. As far as I can tell, who gets to moderate powerful subreddits comes down the the accident of history of who happened to think of it first. Several of the subreddits I frequent have had moderators slam down rules that most of the community disagree with (just for example /r/Android has a rule that you cannot post "questions", it is only for "news about Android" ...). This leads to a high variability in the quality of the moderation and curation of various subreddits. I'm not sure what the best alternative idea woudl be, but something better than "whoever thought of it first" should be possible.
The other end of the spectrum is the Stack Overflow method, which ends up with the most uptight and pedantic users ending up with all the control, who use their power to rain havoc upon those who might otherwise have been much better moderators.
With Reddit, you at least have a chance of having a semi-decent group of moderators who can care for and foster their community without it turning into an anal retentive hell.
I was under the impression that the admins consulted with the mods before doing so, but I could be wrong; how the front page has worked has changed many times over the years, and I haven't been keeping very close track.
You can always opt out though. There's literally a check box you can change if you don't want it anymore. You don't uncheck that box without a lot of communication and deliberation generally, but it's there.