The point was to remind the moderators that they aren't the democratic leaders representing the will of users as they framed themselves to be. Some mods are well liked but a great many of them are widely hated and know they would lose elections. Nobody mistakes the King for a democratic leader, even when he threatens the mods with elections. Nobody thinks even for an instant that Spez might let his users vote him out, Spez knows it too. He isn't pretending to be democratic, he's making an overt power play by proposing elections for those under him but not himself.