So I've discovered recently that instead the moderators and admins doing their due diligence, they'll just ban your IP. I can't wait for this to blow up in their face.
Yea, it's certainly more complicated than a simple IP bans.
Reddit uses a shit ton of fingerprinting on top of just using the IP.
IP info can be a part of said fingerprinting, but banning just an IP is moot and easily bypassed with a lot of possible collateral damage they'd want to avoid.
IP bans could ban unrelated accounts that happened to connect from your workplace proxy or mobile ISP proxy, but is easily bypassed by anyone with even a free VPN or coffee shop wifi.
I'm sure they have extensive data points to connect the dots between alt accounts, but it's assuredly not using only IPs.