On Stack Exchange, we believe the core moderators should come from the community, and be elected by the community itself through popular vote. We hold regular elections to determine who these community moderators will be.
The first time I watched an SE election unfold, I remember someone saying that moderators are "human exception handlers". That's how I see a mod's duty: to solve issues that the system can't deal with.
I'm a regular user of the SE network for 7 years. I have 14k reputation total, having 1k+ rep on 4 distinct communities, which IMHO shows some commitment and a general understanding of how SE's communities work.
I joined Portuguese SE during it's proposal (before it was launched) and I'm the 13th user by reputation and 16th on activity, which is not outsanding, but not that bad too.
I can invest 10-15 minutes every weekday (more if needed) to moderate the site, which given our current activity should be enough.
I'm the top reviewer on 4 out of 6 review queues (2nd on the other 2), so I'm already involved in the "cleaning up" part of the moderation.
Why not me?
I've never been a mod in any Stack Exchange site, I'll learn my daily chores by doing them
I'm not that active on Meta, mostly because there is not much activity anyway, but surely will need to improve