The thing is, the service and main value that Stack Exchange provides is literally a moderated forum for people to ask and answer questions. Without that modera

The thing is, the service and main value that Stack Exchange provides is literally a moderated forum for people to ask and answer questions. Without that moderation, the service would be much less valuable, because it would be full of spam and worthless questions and answers, and less people would use it. This is what drives their revenue and their valuation. This isn't the case with HN, where the main contribution of the forums to their business is mainly brand recognition.