There is shadow banning on HN and I disagree with it, but I should be able to make the above generalisation of why HN seems to work with less moderation than expected.
On sites like 4chan, there is some moderation, but again, the few interesting comments that exist get automatically highlighted by the engagement that occurs within the page. Moderation does not allow this to exist, census does. Moderation just helps but I argue the site would work without it, and thats how the internet used to work. Even newgroups that used the wrong mechanic to handle consensus based uploading, and suffered from spam , had content that was good and easy to find, without any moderation that I could see.