Honestly, as someone on the Pro-Tempore Moderator Council, it vaguely petered out. It is really hard to keep a group of volunteers on target, and it didn't really work that well. That's one of the reasons I pivoted over to trying to encourage more community representation in staff, and staff representation in community.
Personally in between the hellscape of my former job, and finding I found it 'easier' to get things done out here and informally, it didn't work quite as well for me, and possibly for others too.
I'd say in a sense it was a failed experiment that we'd wished had gone better. The company also experimented with working groups which covered some of the same ground, and might have been a good way to get feedback.
I do think renewal might have been something considered but honestly I had been too distracted to even notice.
I do note a lot of the people on the council drifted away, got quieter, or possibly burnt out as well.
I'd say, least from my perspective though - we might be having the same issues with the moderator council in place, since quite a few of the recent initiatives seem to be top down.