Scott Alexander  linked the name to the concept in his eponymous post, Meditations on Moloch.  The post intersperses lines of Allan Ginsberg's poem, Howl, with multiples examples of the dynamic including: the Prisoner's Dilemma, dollar auctions, fish farming story, Malthusian trap, capitalism, two-income trap, agriculture, arms races, races to the bottom, education system, science, and government corruption and corporate welfare.