I can't speak to the other moderators, but I have been keeping an eye on the current situation.
The usual sanctions for sockpuppetry are difficult to reverse,1 so I don't take them lightly or apply them without pretty good evidence. This can result in a delay.
Moderators have various tools not available to the ordinary users, and we look for pretty strong evidence before acting.
In the mean time, less sophisticated cheaters often post hasty or ill-prepared material when trying to boost their score through sockpuppetry, so a short-term action is to treat that content like, well, hasty or ill-prepared material. The big advantage of this strategy is that applied uniformly is promotes quality on the site regardless of the reality of the sockpuppet claim.
1 Most moderator actions can be reversed---in many cases this makes it as if they never happened, which lets us take a "due diligence and take your best guess" approach to applying them. A few drastic action taken on accounts are difficult or even impossible to reverse. We try not to make mistakes with those.