I fully believe the song was written with no malicious intent, particularly with BigBottom's involvement as he has proved numerous times over the years to be a truly stand up person. In communication, there is intent and there is impact. What was intended to be a parody song was received just that way by the masses (i.e. by people who were not the "target") but it impacted Joe in particular (and perhaps others on the moderation team, I don't know) in a really negative way. What I've seen in this thread (for the most part) is "You shouldn't feel that way".
Perhaps you can make that argument of "It's just a joke, laugh and move on". That is in fact what Joe did for over a decade, as someone asked why he waited so long (well he probably didn't laugh, but he didn't make it an issue). If you poke fun at the structure of the moderation as that of a middle age white guy with a stick up his butt, that is probably fair game. It is mind-boggling to me that some people don't seem to understand that you can't have a throwaway line that is anti-Semitic just because "Jews" rhymes with views and you think it is funny. Again, I fully believe that the many writers did not intend to make this accusation, but that is how it has been received and I think it is an entirely reasonable conclusion to arrive at if the song is heard by a new poster who doesn't have the benefit of context of decades worth of posts. I think that line is unfair and I understand why it hurts. I don't believe any of us want anything ascribed to us that has no foundation in reality, I certainly have enough flaws that people could make jokes with at least a kernel of truth in them.
As to the other moderation efforts, all I can say is times change and people change. I think people started evaluating what was right and what was wrong, and not only looking at right and wrong from their viewpoint, but trying to expand it to understand other viewpoints. At the start of the boards, PG meant clothed women, even bikinis if they weren't too revealing. R was reserved for nudity. People make jokes about "that is someone's daughter" but I think it is true. Even if fully clothed, is allowing the objectification of women something we want society to continue with? The comments weren't usually as tame as "That is a beautiful adult woman". There wasn't technical analysis of "She has high cheekbones". Having a bunch of fat, bald, middle age guys say things like "I'd give her a go" as if she would even look your way in real life can easily be construed as creepy. If you don't think so, go to friend's Facebook or Instagram page and start making those types of comments on his 20 year old daughter.
Lastly, to the laughing emoji. You are right, it is ridiculous for the moderation team to have to come to the decision to ban the use of it. Proudly, I have made either 0 or 1 post in the PSF (I think I started to post something and then backed out, but I may have posted it). I do not know who or which side abused it, I'm guessing it was multiple people and both sides. An argument could be made as others suggested to ban those posters who were abusing it. I'm guessing that was discussed, but that takes a lot of time from moderators, and it doesn't eliminate the misuse of the emoji by an alias or by others weaponizing it. I'm guessing at the end, the decision was made (probably with some on the mod team shaking their head that it came to this) to remove the emoji. In my uninformed opinion, you could probably state that misuse of the laughing emoji is a bannable offense so the rest of the community could use it as intended, but again I think the decision was probably made due to moderation resources.
I do love being a small part of this community and I hope it continues on.