Lots of both bad moderators and bad moderation to go around, however:
In most cases, at the very least, the volunteer mods cared enough about the subject matter and community to at least do what they felt was a good job.
and
Again in most cases, subs with bad mods (for any reason) resulted in a choice for users, between subs. Meaning that power tripping mods could find themselves running an empty sub after users left en masse for a very similar sub, out from under their heavy hand.
In contrast, in the case of this latest shakeup, mods are appointed, have no attachment to the community or the subject matter, let alone to the way things were done before. Further, this has happened mostly on major subs and very quickly, which didn't leave time for alternative communities to organically form to accommodate the departing user base.
They had tools to help them that reddit took away. They also kicked the mods that actually cared about the communities they moderated. They were replaced by people who simply wanted the job of moderator despite the mistreatment of previous mods.
They were no experts but there was a lot of experience and goodwill in the moderation of the various communities that was simply wiped out for the sake of profit.