I think we should remove the tag. Here are the questions currently tagged this way and proposed tagging changes.
I am being blamed for an incorrect moderator action I didn't take. What should be done? (also bears the problematic "moderator-relationship" tag, which I'm ignoring for now): this is about conflict-resolution, and maybe user-behavior.
How should I deal with a moderator who shows favoritism?: already tagged bias, which is sufficient.
How can a site be rescued after an exodus of moderators?: I see we have a backlash tag (which I'm uncertain about, but if we have it, it seems to apply). This is also about community-building.
Moderator bans user in the course of an on-topic argument: conflict-resolution and user-behavior seem to cover this fine. (I have an edit pending here, actually, made before I thought about the larger problem with this tag.)
How do you handle community backlash over an incorrect action taken by a moderator?: already tagged backlash and mistakes; that seems sufficient. Also, as described, this question isn't so much about bad moderation as erroneous moderation; while errors are bad, "bad" here seems to be more about intent/malice.
How should we deal with moderators who are making bad calls?: sounds like conflict-resolution to me. And if we don't already have a tag for moderator oversight (covering, e.g., issues involving site owners and other people above the moderators), maybe we need one.