Moloch is a first class asshat. Yeah, so he was once a god, the grand pupa of monumental jerks and depravity. The ancient canaanites worshiped this child-sacrificing pile of dung. Archeological evidence from the early 1900s supports the foul practice of child-sacrifice in ancient Carthage. Yuck.
Getting people to slaughter children (or even adults) on an altar is a classic demon move. Pretend to be a god, subvert people into doing the most vile and hateful acts and claim those acts as divine. Moloch was champion.
Moloch is an obvious villain. While his motivations may remain shallow, power and corruption of creation, his methods are terrifying. How many religions tempted men into slaughtering one another over the ages? How many demons fooled people into destroying their own souls? This is where story lives.
However, I suspect Moloch is a real power and still hiding in plain sight. Even in this modern age, we are still sacrificing children and committing profane acts and calling them righteous. Moloch just doesn’t require an obvious altar and hides his name, usually in suits wearing politicians. I doubt Moloch cares how innocent souls are sacrificed to his appetite. His power grows.
The only question is how can Moloch and those profane creatures like him be destroyed without sacrificing the entirety of humanity to the effort?