I have been involved in online discussion boards since the days of BBS (Bulletin Board Systems) when I got my Apple ][+ and a 56K baud modem in 1980 (!) There was no moderation then, but it came soon after.
There should be a standard short period of moderation based on post count (e.g., 25 posts), followed by unmoderated posting but with review of posts reported by forum members.
The terms and conditions should be clear, and violations should result in specific penalties from warnings, to limited moderation, to varying periods of bans, up to removal.
Note that the reporting requires scrutiny as well, with penalties for undeserved and/or malicious reporting receiving penalties proportionate to the harm proposed.
The goal of the moderation system should be to allow the free discussion of ideas within the confines of the Terms and Conditions that the forum users agree to when we sign up - with a dash of common sense and forgiveness when we fail and then show contriteness.
The current system seems to be shrouded in some secrecy or uncertainty, at best, and should become more clear. We do not need to know private details of individual incidents - just policies.
These are my opinions and I am happy to discuss them further!