Yeah, I know....or thought the same until I was at the range & a couple of deer stalkers were using moderated rifles.
Have had a moderator on my 223 for about 4 years now & it makes a HUGE difference in that I can use the rifle without the need for hearing protection...and this reason is why a lot of European countries freely allow moderators - they're looking at preventing future legal action for hearing damage.
My 223 uses full power military issue ammo & the noise from the user end of the rifle is nothing like a regular gun noise - more of a "Twang" than a "Bang"
One of the outdoor ranges I shoot at has an awkward neighbour & as a result they insist that rifles used are moderated - OR, if they aren't you have to have the muzzle inside a hollowed out water butt that is lined with thick foam to deaden the noise.
That aside, still very keen to get an off-set Maxim for my '03 - for both full power & maybe also subsonic ammo