I know, I'm biased because I just wrote about something similar, but I'll provide some of my thoughts anyway :P
Does reputation matter on the platform?
Not anymore. At least I don't think so. When I started on Steemit, I read a lot about it. It was always like "Reputation is so important, because people will know you're legit".
With the existence of bid-bots, this is utter nonsense.
Does reputation influence you on Steem?
No. Most of the users I follow have "earned" this, because they produce quality content and I like to educate myself or have a good laugh. I don't care how high their reputation is, the content needs to be good.
Is it an issue to have reputation increase more for those that buy votes?
No. Only if you care about rep and think, it represents anything. If you don't, then you shouldn't worry about bought votes.
What is the meaning, purpose or value of reputation when you can buy it?
There is none. It's fake as soon as you can buy it. Just ignore it and support good authors regardless of their rep.
"Just ignore it and support good authors regardless of their rep."
👍
Indeed. Content does not reflect reputation, or vice versa.