I think `dang recently mentioned* that he's found the majority of downvoted and greyed out comments to be noncontributory. If that's the case, then there's little reason for them to be read.
Sure there is! They provide good examples of what is not accepted here at HN so that bystanders know where the line is. Educating newcomers about what is acceptable is a very difficult thing to do in web communities, and examples (of both good and bad) are the best way.
Well, with respect to dang and his having admin rights and all, his opinion is not necessarily objective fact. Enforceable policy, perhaps, but not fact.
Would it not be better to allow people to make up their own minds about it than to make that choice more difficult?
Not to mention that so long as they're displayed on the page, someone will come up with a userscript to display them.