KF is a gossip site, like Lipstick Alley or DataLounge, but with a focus on e-celebs and internet phenomena. I go there whenever I want to get the dirt (ie. truth) about e-celebs or some weird internet trend or subculture. Its users literally just passively document and discuss this stuff, and there's a policy (and ethos) of "no touch." You and others endorsing its erasure (despite it not breaking any law) would know this (and perhaps secretly do) if you actually lurked there for a while instead of just credulously accepting its critics' characterization. It's also strange how the site is supposedly such a hive of doxxers, harassers, etc., yet nothing seems to happen to the journalists and tech people organizing against it.
I think the real reason it's in hot water is precisely because they just passively, permanently document so much, some of which some people with money and influence don't want documented. Maybe they documented something someone (some billionaire?) secretly doesn't want out there?