The site has now had its second failed election (I, II), with no candidates putting their hat in the ring to become a site moderator. The actual activity for mods seems pretty low (less than 1 action per day at present), so the position shouldn't be too onerous or difficult.
Jnat says that "the next steps are for the Community to consider here what may have gone wrong" and that the CMs will be working with the moderation "team" (which currently consists of just one individual) to offer their help and support moving forward.
So, what did go wrong and why were individuals unwilling to stand?