Remember that this is a very special and rather unusual situation, a former moderator who won an election and later deleted their account. I think it's OK to have a very special and unusual way of showing that that happened.
Community bot's flair? For people who don't know what the Community bot is, that looks like a moderator called "Community" with 1 rep. Worse, people might see that flair as an election winner and assume it's an actual person, and start asking it about edits to their posts or whatnot. Or if they know it's a bot, they might think something weird is going on if bots can win elections.
Normal-looking user flair? I don't like terdon's suggestion either. It looks like a former moderator was suspended and took the username "Deleted User". Which might, you know, actually happen - former mods have been suspended before. I think the two situations (deletion or suspension of a former mod account) should be clearly distinct at a glance. Not least to protect the honour of deleted mods, who might have self-deleted their accounts while always in good standing with the community.
Compare this page and this page. One of them has a former mod who's now suspended (1 rep); the other one has two former mods who're no longer users (no user flair). You can easily tell which is which, and it should be that way.
TL;DR: let's keep the existing format for displaying deleted former mods. Namely, some special image which doesn't look like either a real user or the Community bot. It might be good to changing the specific image used, as the existing one is somewhat blurry and odd, but I'm no graphic designer so I'll leave it to someone else to create/propose a new image. This is the best I've got:
Which would look like this, in-situ in the Science Fiction & Fantasy election page: