Being a moderator is a thankless job, and when you don't have any power to do that job, it also becomes soul-sucking.

I don't think the moderators are concerned about culpability. I think they're concerned that what appears to be an internal debate is going to get dragged out for months on end, in public, with all context loss, and with even less ability on their part to do anything useful or constructive.

If I were in their position, I would very likely do the same thing and try to learn some lessons and move on with my life.