I don't think we can change the rules of the game after it began. We can comment on nominations, though. No need to be harsh; just leave a matter-of-fact comment puncturing the bubble.
Also, use the page Moderator Candidate Statistics, not just the nomination page. It offers more statistical information about the candidates, in a very readable layout. It is also less cluttered because the comments under nominations are omitted.
In the future
We should move toward stricter requirements for nominations; the site is now big enough to have big-city problems, including frivolous nominations. The moment this is brought up I hear the shouts of Rep! Rep! Moar Rep! but this is not the only or even the main thing I have in mind.
Stack Overflow requirements for nomination are: 3000 reputation and the badges
- Deputy (raising helpful flags)
- Civic Duty (voting)
- Strunk & White (editing)
- Convention (participation on meta)
There are currently 49 users meeting these criteria. The query sorts them by the last access date (as of the last data refresh), so that the inactive users are at the bottom. (I count 7 as no longer active, 3 are current moderators.)
(An aside: I hope some of the users on this list will nominate themselves. I will not single out anyone in particular.)
This does not seem to be a wide enough pool of candidates. Dropping the editing badge and lowering threshold to 1000 does not make much difference: 57 users.
When Convention is also dropped, 121 users meet the criteria. This looks more realistic.
We might also be more flexible and require, say, any two of the aforementioned four badges. The point is, some prior effort to serve the site must be a prerequisite to be considered for moderator's role.