I was an early SO user and I don’t agree with this.
The moderation was always there, but from my perspective it wasn’t until the site really pushed into branching out and expanding Stack Exchange across many topics to become a Quora style competitor that the moderation started taking on a life of its own. Stack Overflow moderator drama felt constant in the later 2010s with endless weird drama spilling across Twitter, Reddit, and the moderator’s personal blogs. That’s about the same time period where it felt like the moderation team was more interested in finding reasons to exercise their moderation power than in maintaining an interesting website.
Since about 2020 every time I click a Stack Overflow link I estimate there’s a 50/50 chance that the question I clicked on would be marked as off topic or closed or something before anyone could answer it. Between the moderator drama and the constant bait-and-switch feeling of clicking on SO links that didn’t go anywhere the site just felt more exhausting than helpful.