I looked at voat and agree that it's terrible -- but I'm not convinced that the big difference between reddit and voat is moderation. My understanding is that voat superficially presented itself as a bastion of free speech, but marginally below the surface it was always pretty clearly targeted at the alt-right. So it was inevitably going to take on a certain tone, somewhat independently of its stance on censorship. (On the other hand, I suspect you're right, and I can't think of any examples of unmoderated spaces that contradict your point.)