Moderation to represent the interests of the users is moderation done by the users. If you and everyone upvote appropriate content (including on the new page) it will eventually reflect what people find interesting. It is about the users do, not just about what PG does. HN has always been about finding the right mechanisms so that the right balance in content is reached. What has changed is the number and the kind of people on the site, it has changed what type of submission is upvoted, it has also made the number of submissions increase, making it more difficult for the interesting ones to come through.