By using Snapzu, you agree not to make available content that is threatening, harmful, unlawful, abusive, harassing, or libelous. (That shouldn't be a problem)
Snapzu does not take any responsibilities for any content posted from subscribers, and reserves the rights to remove any content at any time, or suspend any services at any time without prior notice. So this says if an admin doesn't agree with that, he can delete it. I could see that happen (and wouldn't mind) with picofdeadkids because I wouldn't want that on my website, but that depends on the purpose.
Otherwise they make it clear that you're responsible for both the content you share and view, and it's fine as long as it's not illegal or harassing to another user.
The thing is that reddit has (or at least had at one point) rules against stuff like this, they just don't enforce them.
So unless some admin actually said "we're gonna actively remove content like this" we don't know what their policy is going to be.
Personally I believe that there is nothing gained (and a lot lost) in allowing such content.
It really depends on the content and the purpose of it. In my opinion, there is nothing lost in allowing that content if some people want it enough to build a community around it. What's fun about reddit is how the ease of making a subreddit opens door for any community to settle in their own little part of the internet, and as long as they don't hurt anyone, I think they should be able to stay. But I'm not talking about something specific like this, if they make a community whose sole purpose is to violate the privacy of someone (like "the fappening" did), it's a bit more complicated than that.