Many (most?) of us were too surprised by the stupidity of the pronoun wars to notice the deeper lesson - building a "community" of non-paid volunteers on the online property of a for-profit company is asking to be stabbed in the back whenever that volunteering effort is no longer deemed necessary.
And I have to agree with you, I don't think Stack overflow will lose anything of value if all those moderator volunteers resign or are removed. Maybe it's different for other stack exchange subomains, but SO moderation can be easily codified as a set of rules and outsourced.
The saddest part is the whining from the moderators. These people actually thought they had a real relationship with the company and that they had rights... that's mindbogglingly naive. :-(