Unless they get creative this likely won't do anything but piss off the human users. Research from a couple years ago found that bots are better than people at captchas.
I know how large social media companies operate. This is all about increasing the value of Reddit users to advertisers. The goal is to have a more accurate user database to sell them.
Zuckerberg literally brags to corporations about how good their data is on users:
There are some quality exceptions (CBC, VLC, The Guardian, Linux, PBS, Wikipedia, Lemmy, ProPublica) but, by and large, "free" means they don't care about you. You are just a commodity that they sell.
Facebook, Google, X, Reddit, Instagram... Their goal is keep people hooked to their smartphone. The recipe is very simple. You give them small dopamine hits (likes, upvotes) followed by a small break with outrageous content/emotional content. Then another dopamine hit.
Keep them hooked, gather their data, and sell them ads.
The people who know that best are former top executives :
It already blocks me from reading access for some time because of VPN. I have to use libreddit on the web or redreader on mobile to access. This made me lurk reddit less, never had an account there anyway.
I read only one community on old.reddit.com, with VPN on. The moment they start asking for login there will be the moment my last contact with that site goes away.
So they will break the system more. I opened my Reddit account and shadow-banned after two days later and didn't even receive any reason for that. I swear Reddit will be better place if they just stop to alter it.