Someone asked, "Who gets to decide what gets moderated on the Fediverse? And who decides what's seen or unseen?"
You do!
If you don't like someone, block them!
If you don't like an instance, block it!
If you don't like your instance, leave it!
If no instance is to your liking, start your own!
If you don't like other instances, de-federate them!
If you don't like federation itself, turn it off!
Ultimately, the Fediverse gives you the freedom of association—exercise it as you see fit.
On another note, I'm noticing a lot of trolls coming here recently—and they're not happy about being moderated.
I have no doubt some may try methods to skirt moderation.
But I also suspect most will give up and leave.