Business-speak discourages experts (unless they are experts on business/marketing).
Moderators will be probably the broadest part of the site audience, and most of moderators simply don't see themselves as "community managers" unless they specifically put a thought to it. The title should draw attention immediately, sink in as something simple and well-known.
This is also a pattern you can notice over SE sites: you have Webmasters, Not "Web Development Specialists". You have "Programmers", not "Software Developers". Probably if "community management" was more popular (and "manager" wasn't run down into the ground, with "flat surface maintenance managers" and the likes) I'd choose it as it covers the subject better - but in this case, "moderators" was chosen for better impact, at cost of accuracy.