I take your point about the devaluing of reputation.
I could be wrong, but I suspect you underestimate the effect of it.
Whenever folks here achieve a reputation elevation, they celebrate it, and are congratulated on it more than any achievement in earning money. They are rewarded in expressions of love.
And since every extra nine points of reputation are TEN times harder to gain, than every single reputation point you EVER achieved before, the need to funnel immense amounts of money through bidbots becomes paramount to gaining those extra critical points.
The love a person gets for achieving grade 70, in particular, is IMMENSE. Surely, you, Sir, at rep 71, know that the birthday party for a 70 rep knows no more Steemit love than the whole Steemit universe can give.
A slowly enfolding, squeezing, snuggling, sentimental, Steemian embrace.
Here's are questions to which I don't know the answer: How did you achieve a 70 rep, how hard was it, how did it make you feel to achieve it, and were you loved and embraced by the community for achieving it? :)