While not a message board, the Wikimedia Foundation does well financially, hosts lots of content, receives massive traffic, and has an open API.
> So the really difficult part, the one where the value ultimately comes from, does seem to lie in hosting and running such a community, and in attracting users.
Federated authentication and open protocols are a thing. Imagine the internet of old with countless message boards, but under a single sign on.
As far as content moderation, folks talk a lot about AI and the spam it will bring, however, there is also the opportunity for AI moderation.