"Anyone smarter than me want to explain this phenomenon?"
I wouldn't claim to be smarter than you, but I can think of a variety of reasons, some of which are below:
1) An interest in penny stock crime and those who commit it, and those who promote it or sanction it. Moderating and posting on the relevant MBs throws up all sorts of information - both freely given but more often unknowingly surrendered to those of us who sometimes enjoy the forensic aspects of examining penny stock scams.
2) Philanthropy - some folk passing by a house on fire who have reason to suspect the people inside the house don't know that, will often stop and alert the residents that their lives are in danger. Doubly so if they have just seen a known arsonist sneak away from the premises. The analogy should be obvious.
3) A desire for justice. The victims of penny stock crimes sometimes decide that rather than skulk away when they've had their money stolen, they will instead do something about it, like notify the SEC and DJ, relevant state authorities and other potential victims. Many posters and Mods on some of the iHub MBs had their interest picqued when they or their loved ones fell victim to a scam operated by one of the many sociopaths running or promoting such scams. While that's not my motivation, I think it's an admirable model of good responsible citizenship.
4) Some folk just dislike the amoral jackals who run and promote these schemes which, after all, strike at the heart of democracy by underming the free markets with their cynical corruption of Capitalism, and their disregard for the harm they do to other people while they steal their money.
I'm sure there are other reasons too.
Suffice to say you don't have to be a company apologist or interested in suppressing any negative information about the object of your affection (or over-investment) in order to have a legitimate reason to moderate or post on an iHub message board.
I do hope that helps.
"It is difficult to get a man to understand something, when his salary depends upon his not understanding it."
Upton Sinclair
"Nobody ever went broke underestimating the intelligence of the American public."
H. L. Mencken