I believe this policy is unnecessary at this stage. We don't have moderator problems anymore, nobody has any problems with moderation right now. All that is necessary is to do what has already been agreed, and there is nothing one can change now to change the past.
The moderator rotation was an emergency measure, to demonstrate good faith from all moderators, and submission to community will, to show responsiveness and empathy to others, and to restore trust among all the members. It worked, all the conflict is over now. Every moderator agreed to voluntarily do their bit for symbolic periods, and this shows that all are equal, and everything is hunky-dory.
The rotation is probably not needed as a formal policy, just as a good faith thing to show people do what they say. I started because I knew that my own moderatorship was the most imposing, in the sense of perception of power. I stepped down, no more power. Nobody introduced it as a formal policy, it was just a social contract, and formal policies don't build trust as much as voluntary actions that are done out of free will, just to be nice to other participants, and to show that social contracts are respected and count for something.
If there is no such minimal good faith effort, it makes it difficult to imagine that we are working together, rather than working apart.