I used to correspond with Dan Hackett from time to time as we were both on a benchrest list. Dan is a little blunt, not real patient with fools, and some people take it personal. In my dealings with him, he was always factual and if something was an opinion rather than something he had data to back up, he always made that clear. Good enough for me.
There were a lot of BR shooters and gunsmiths on the list, not just Hackett, but Bill Gammon, Jim Borden, Mark something or other who started BlackStar barrels, couple F-class shooters from europe and australia. It was a good place to shut up and listen.
The consensus was there was something going on with moly but nobody could quite pin it down. Too many cases of someone with a rifle that agg in the .2s, so it was real repeatable, having bullets drop a third or less as much with moly coating as they did naked. It wasn't experimental error. For sure nobody can push a 6ppc fast enough to explain the trajectory change. So ... something must have been happening to change the assumptions, in other words, the drag model that predicted drop for the bullets naked didn't apply correctly with moly.
That can mean a lot of different things.
I think there's enough evidence out there that even if we can't explain the mechanism, keeping an open mind is justified.
I'm not sure whether moly is worth it for most people. I've used it off and on, especially if I get a real barn-burner cartridge shooting well with one bullet and want to extend barrel length. Anything above about 3200 fps seems to copper foul with or without moly. I've had some pretty substantial gains in barrel life with it so for that reason it seems worthwhile.