[pvg]

I don't really have to have a hypothesis, it's not that uncommon a term. It's used for all sorts of things including a fairly generalized 'insatiable and demanding metaphorical monster'. If someone offhandedly mentions Icarus it seems reasonable to assume they're not really alluding to a review of the Hungarian brand of buses posted to alt.rec.bus in 1991.

Take a look at, say,

http://www.nybooks.com/search/?s=moloch&option_match=&year_a...

Lots and lots of Moloch. Your hypothesis is 'it's a reference to some logorrheic blogger'. Sure, it's possible you're right but it's one hell of a weirdly specific guess. It's not like the three people to ever mention Moloch were Milton, Ginsberg and internet-man-addicted-to-his-own-typing.