IIRC correctly (and somebody can correct me if I'm wrong), TH was meant to be more of a "passion project", so I can kind of understand the motivation of moderation to be lacking, but that really doesn't excuse the lack of moderation overall, especially when TH has grown so big.
I'm sure everyone agrees that the site needs more moderators, but sudo (their new preferred way of being referred to) did state the issues that they've come across in regards to hiring more mods (i.e. funding, security, and infrastructure). And honestly, I can get it. Hiring moderators costs money, and you need a solid "standard of guidelines" on how moderators should behave/ handle things, then it takes even more time to train the mods to follow set guidelines/ learn how the site (particularly backend stuff) works.
I'd much rather have to wait for mods than have bad and/ or power-abusive mods with ill intent or otherwise don't know what they're doing. That being said though, I don't want to "just wait" and have things get progressively worse. I think it would be best if sudo temporarily "closed" parts of the site (ex. no access to majority of forums, closing invites, etc.), or hell, even leave the site as "read only" until new mods are hired. This should (hopefully) allow sudo a chance to breathe and focus on hiring mods (preferably outside of TH).