mtnGhost,
PB moderators handle a smaller mass of hot gas that is at high pressure; that then contracts to a smaller volume as it cools. Airgun moderators handle a larger volume of gas at lower pressure (for the power they produce). Because airgun exhaust is cold, the thermal shrinking effect is not present. So, airguns need comparatively large moderators for their power. Thus, comparing airgun and PB moderators is technically incorrect.
There is also the matter of expected performance. PB moderators make injurious noises bearable. More potent airguns, or those with short barrels first need to be made hearing safe. At lower power for the caliber and barrel length, the focus shifts to reducing nuisance noise to the point that most people don't pay attention to it.
Do not fall for video of PB moderator comparisons. The sound level on video is clipped. Look at the values reported by the dB meters. 120 dB for a moderated PB is considered hearing safe, but it is as loud as a very loud un-moderated airgun. Show me moderated PB that have a report below 100 dB, that are not on .22 rimfires with long barrels. Mouse fart quiet airguns need their report below 80 dB. Going below 70 dB is very difficult and may be achieved by manipulating the measurement set-up, or using a "friendly meter".
At dB readings below 85, the nature of the sound is more important than the sound pressure level. Gun shots at night, off in the distance are not very loud, but clearly still sound like gun shots. Airguns need to sound like something else for backyard shooting.
Making an airgun moderator more effective for its volume, or smaller and lighter for a given effectiveness, has significant value. I have hundreds of designs exploring this, but AGN no longer allows publishing or discussing the details about how to make more effective airgun moderators.