Sure, this isn't sanely doable with the current state.

I mean what should they do?

Write two pages for every article, one where everyone could write and one where moderators accumulate the quality content?

That won't scale.

Maybe they need a VCS based approach, that merges only quality content but keeps all low-quality content in dead-end branches.

I don't know what the solution would be, but the current approach is sub-optimal. Not because it's not nice to delete the work of people, but because they don't motivate people to do a better job.