It does, but the trust metric we use is not very visible on the surface. Which is sort of by design. There is a hint of it on the user page if you know where to look! :)

Probably the main visible entry point is flagging, so try flagging a post or topic.

It's also hard to see the moderation functions from the outside, but I assure you that they're as frictionless as we could make them! For example, multi-selecting posts, splitting topics, merging topics, locking topics, archiving topics, etc.

There's still a lot to do, we have no way of selecting multiple topics at the moment, for example. But I encourage you to try out the Vagrant image if you want to hack on Discourse quickly. It includes a small db, and you'll be a moderator there.