Nightpool has been an admin of AcitvityPub servers of all sizes for years now and is versed in the moderation challenges therein, I'm not sure they'd agree :) I'm not sure I agree that it's a solvable issue at community scale.
Yeah, I don't think moderation is "solved" at all on the community scale, but my point is that ActivityPub servers are just way more likely to be at that "community" scale, and Bluesky—as a more flat protocol with a lot of discovery and indexing features—is not. So I think they have a lot better chance of having communities that can reach a local moderation equilibrium.
I guess I'm looking at it from the Lens of the community. If a community can't solve its moderation issue through social standards the community degrades.
Once the community degrades to having no social standards there is no point in moderation.