Well yes, because those who don't quickly lose users due to bad signal-noise ratio

When was the last time anyone visited an unmoderated usenet group?

Did the government ever moderate usenet?

4chan is well, moderated, but it's outlived Facebook with real names.

Frankly, LLMs with transparent prompts, as well as user-side filters based on LLM prompts (e.g. "Don't show me comment threads talking shit about Attack on Titan") could do a better and more "fair" job than meat-based moderators now.

They won't have personal biases, don't need to sleep (ending the infamous "mods are asleep, post xxx" waves), their prompts would be visible to everyone, and there could be ways for the users themselves to update the space's rules/prompts.