Mutliple moderators are because more centralization means easier corruption. If you extrapolate the diffusion of power to its extreme, you arrive at crowdsourced moderation.
It’s true that crowdsourced moderation can be gamed, but it takes some effort and that level of effort only goes down by adding accounts with moderating powers.
A moderation team is easier to corrupt than a totally decentralized voting system. That’s like the entire argument for why we like democracy: it’s harder to corrupt a populace at large than it is to corrupt a cabal in authority. It’s possible, but it takes more effort making it as good as you can get in terms of incorruptibility.