You go there for the user content, not the mods. You can say mods cultivate communities, but to say that they deserve credit but not the admins or platform itself seems untenable.
Furthermore, insinuations that the API changes will lead to a substantial decline in community quality via its impact on moderation seem to be broadly unsupported. It's unclear that there's a monotonic relationship between moderator power and community quality, similar to how most people would be skeptical of an argument that said that there's a monotonic relationship between state power (irl) community quality. For example, one thing that moderators have wanted to do in the past is create cross-subreddit blacklists. The admins pushed back on this with some success, which was probably healthy for the site as a whole.