Yea it was pretty good in Early access; to be honest I can see how it would be rough with 200K people on the same time (even if everyone is well behaved; and then when you throw in a few rotten apples it would be out of control very fast)
Yes, it's a super cool feature, but not only moderate it, but also organize it wisely. Really to break up the thousands of players we'd need several different chat room types.