This sort of community moderation exists in an attempt to proactively ensure a high signal to noise ratio (SNR), by discouraging noise. While it's an entirely valid stance to say they're overreacting and that the ratio is fine, that there's no slippery slope, etc., here's another viewpoint:
I don't read from the raw Stack Overflow firehose of posts. It doesn't even have a 1% SNR to me. Higher SNR sources (searches, specific links from my communities) will occasionally take me there, but as a primary source of information I don't even think of consulting it. I took a stab at participating in one of the far more niche subtopics - gamedev, relevant to me both professionally and unprofessionally - and still found it didn't have a high enough SNR to hold my interest beyond gathering a few hundred internet points. I found myself ignoring the majority of these sorts of questions, and quickly progressed to the natural conclusion of ignoring the site entirely.
And that's fine: Not everything is for everyone. But there are presumably those who still participate in the site directly who would prefer to remain doing so, yet find the SNR low enough to be pushing their own tolerances.
The reason it was marked as such was so that other people didn't waste time on an unreproducible problem until it was fixed to be reproducible.
At worst, it sits there and wastes many people's time, thus getting in the way of actually reproducible questions getting seen and answered.
Note, that this is not regarding this one question, but thousands - certainly there are a large number of items selected for moderator action.