I agree that it seems worse when taken out of context, if mostly because it was Moore's last issue with the characters. The whole thing seems to be a rather up-close-and-personal examination of the genuinely creepy cheerfulness of most early superhero adventures, and looking at one logical explanation as to why that creep cheerfulness never abated.
Additionally, as shown by the cover, the issue is mainly comprised of the Top 10 going out and being the best police officers they can be - the way that some superhero comic runs end with a humongous battle to prove how great the protagonists are.