I support Hacker News moderating itself however it chooses. However, if we are looking at it as a moderation model for large, open, non-editorial platforms (Youtube, Facebook) -- which I believe should all be covered under public accommodation law -- it clearly fails. And even if when we are looking at ostensibly neutral, publicly-orientated sites like newspaper comment boards, it fails.
Hacker News moderation is not appealable, not auditable, does not have bright line rules, and there are no due process rights. It simply does not respect individual rights.
So while this moderation method succeeds for Hacker News, and perhaps should become the model for small private sites, we should not try to scale it internet-size companies. Platform companies (Google, Facebook, Twitter) and backbone companies (ISPs, Cloudflare!) need a different set of rules geared towards protecting individual rights and freedoms instead of protecting a community.
What you are asking for would take significantly more resources. I appreciate what you are saying, but all I ask is that a site be consistent. If it is consistently moderated, I as a user can vote with my feet (or my clicks in this case) if I approve or disapprove of the job that is being done.