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.
Disclaimer: I have an axe to grind having my account with 9k+ karma and dating back to 2009 banned for whatever. Despite that I am trying my best to look at the situation objectively and I still do not like it.
It is popular to compare reddit with HN and my take would be like this: reddit is like a part of the Universe where stars are still (maybe moving a bit past this though) born, and there is life and dynamics. HN, otoh, seems to be inching closer and closer to the https://en.wikipedia.org/wiki/Heat_death_of_the_universe
Healthy conflict is good, but I've participated in healthy conflict here and was stopped by dang because of it.