I don't think that's necessarily true. HN is one of the few survivors that has maintained its dignity due to the policies and work of the moderation team.

I've run huge forums and they have mostly enshittified because I didn't put the work into moderating them correctly. I would promote good users to moderators, and six months later they would all literally become Hitler and I would have to fire them, and then they become weaponized and the destruction of the site becomes circular.