That’s pretty much reddit’s approach. On this platform, the community takes over the moderation of all posts without any financial compensation - this is rather unusual as far as larger platforms are concerned. But this approach also presents major difficulties: Reddit has a large number of moderators who manage several very wide-ranging communities/subreddits. In the past, this has led to the problem that Reddit admins have sold their direct “influence” to advertisers and other interest groups. The social media application, in this case Reddit, has little to no influence on this - after all, the admin is not an employee of the company.
How do you think social media platforms should work?