The Internet might have seemed “better” back then and like it didn’t need moderation. From many people’s perspective it probably was. But that was likely a function of the reality that most people on the Internet at the time had a lot in common with one another.
We don’t get the benefit of that luxury today.
There was a greater diversity of social gathering places.
Now -there's facebook, twitter, reddit and HN.
Moderation has ALWAYS been a factor and that's not what made the old internet better.
What made the old internet better was that it was open and more diverse (in terms of viewpoint and choices). The new internet is basically (on a social level) a few social media corporations which are becoming increasingly sterile.
If every discussion on HN was derailed by bad actors, you'd go somewhere else. If there was nowhere else moderated to go to, you'd probably just stop engaging altogether.