The problem is that the people who originally headed the community and drove the site have checked out. That means that the very serious institutional and design problems related around the community moderation features of SO are not going to get fixed, they're just going to be gamed by the people with the most effort and free time. There are very few checks and balances on abuse of power at SO, even though that's where you need them the most. The assumption is that users with high enough rep will simply be more polite, logical, and kind, without any sort of agenda to propel. That, of course, was a naive assumption which is slowly blowing up in their faces, if they notice.
Meanwhile, nobody at the top cares because Jeff has moved on and everyone else just cares about site traffic and ad revenue (or at least that's my impression).