To post to a moderated group, you would add an "Approved" header to your post before submitting. The content of the header was not important, just the presence.
Equally fun, your "From" address (just another header) was also under your control.
So it was fairly trivial to post articles From: anyone, Approved: yes.
In this way, it was pretty similar to SMTP email in the same era. Before EHLO and reverse lookups and server identification and SPF and DKIM and DMARC and spam filters and universal skepticism, email was simple to spoof.
Now, the readers of USENET at the time were also pretty savvy, and there were other noneditable headers attached to your message that might betray your malfeasance. If you were posting to a newsgroup that didn't permit such activity (there were some that encouraged/required it!), you might earn an angry email sent to your news administrator, who was generally connected to the authority structure (university or employer) and had little patience for your juvenile behaviour.
It worked really well.
...until it didn't! But I don't think this "problem" was a meaningful contributor to the decline of USENET.