Yeah, Moore writing this would mean it would still probably have some stuff going for it or be at least an interesting failure, but I can't imagine this being a highlight of either his career or the characters featured in it. Seems like something an immature teenager who hates whimsical things (or Garth Ennis) would write to prove they are a smarter adult.
Constantine being his own creation and a fairly recent one at that time really WOULD come across as a snarky Mary Sue.
I think they (correctly IMO) picked up on the fact that it was a very corporate driven decision that established a bad precedent of prioritizing "fixing" continuity like a homework assignment through big dumb events.
If so, they were right on the money cuz look where we're at now.