Assume I run a site similar to stack exchange, namely no meaningful terms of service. In that case there is no restriction on behavior, any moderator can delete anything, up to and including running a automated script that bypasses checks and deletes the entire content on the entire site. There is nothing in the terms of service saying this can't be done.
The terms "give unlimited power", they don't take any away, hence the moderators can delete everything on the site.
Obviously this would be prosecuted under federal hacking law except it can't, because there's no policy. Again using stack exchange as a example there are no "site policies", there are only scattered questions by individual users, with conflicting answers, and one of them has a green check mark and "becomes" "the site policy". Is anything like this workable? If a mod destroyed the site is he totally free to do so as the "site policy" is nonexistent?
Note this actually has happened with real websites and is dealt with much, much harsher than on stack exchange. Facebook or its functionaries have been sued for deleting posts. The mayor of Irvine sued for deleting posts because of discriminatory and irrational behavior, not even by moderators, just even the users deleting content can be sued. If a site like stack exchange was scaled up in any way whatsoever wouldn't it be liable for completely irrational, forgive the term, idiotic behavior by moderators mass deleting arbitrary posts, especially in a litigious state like California?