I would be a moderator for FREE if Blizz would let me. They should allow everyday responsible players to volunteer to be moderators. Obviously there would be strict rules, regulations and restrictions on this. like if you abuse your powers you run the risk of having your account perma-banned and you need to fill out a form explaining the actions you took.
So, let's take a step back and think about this. You want Blizzard to spend time and resources to train players to be "moderators". You want them to identify "responsible" players (however you would do that), train them on how to do the job, set up "strict" rules, regulations, and restrictions, and then oversee the entire process by reviewing their "forms" to make sure they are doing the job right, even having to correct their mistakes...
.....All so you don't have to make three mouse clicks to report individuals? Really?
Report people that are breaking the rules. There's your "I would do it for FREE" moderation powers. Click-click-click. Done.
Things like racism should be instant 5 day ban
Unfortunately that will probably not happen.
No, it will not, and thank you for showing exactly why Blizzard is never going to allow "player moderators" to hand out punishment.
Blizzard has their Penalty Volcano, and they prefer to educate and let people learn from their mistakes. That's the sane, objective way to handle the situation.