The only reason to care about the exclusion is that you want to be in the default trust network and have your own feedback show up for everyone else by default. The other effects you seem to be upset about are non-existent.
You summed it up here. the feedback which would have been visible to those in the default trust is not not visible, effectively lowering my visible trust rating for the VAST MAJORITY of the users here. So no, it really does exist because I earned those trust ratings, now suddenly they are effectively negated, but of course "trust is not moderated".
The fact that you are in default trust (or that you are not in default trust) is not going to affect your trust score. Your trust score is determined by the
received feedback that you got from your trading partners.
Your trust score is lowered because you have a negative trust rating from Vod