Two ways to see it :
1. They've finally realized that community-based moderation enhances the tendency of online forums to become rigid social hierarchies, by making early arrivals and vocal participants in charge of censoring and punishing other members. In lay terms, it increases the toxicity of the community and drives away newcomers. This is not what you want out you want to grow your user base. Even if their business model is to milk the whales at the top, a toxic community doesn't handle attrition well.
2. They're losing the community, and need to stifle dissent. I've seen this before. Wielding the banhammer doesn't make your game less crappy.