That means you can, at best, have a small team of moderators/community managers, likely with the person who has manifested the editorial guidelines at the top. This does not scale, so the community is limited in size.
When I think back to the times of TV channels, professional magazines, radio shows etc., I remember how amazing the quality of that content could be. Reading the same magazines printed back then today confirms that to me.
Curated content wins.
Sure, some TV channels and magazines were terrible instead, but that's just because I did not agree with their curation.
Instead of having one popularity contest, it was like a popularity contest that qualified you for another popularity contest. Theoretically the metamods were "good" posters, but being a "good" poster was ridiculously easy - you could just rack up karma by parroting the hivemind and bashing Microsoft or whatever.