"Upvote for upvote" exists on Steem since I remember and it will exist. However, as far as I know, it doesn't work well. So yeah, upvoting high-quality content + promoting it is a better way to increase the value of the entire Steem blockchain than this kind of selfish practices (such as upvote for upvote).
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"Upvote for upvote" does really sound bad but it is not always as bad as it sounds.
For example when it's used as a way to exchange links with high quality posts between themselves.
Incentives needs to be improved so it would be more profitable to work for the platform than being selfish which is an ultimate goal, because all users, while being Steem shareholders, should improve the platform for their own s(t)ake.
Thank you @gtg for this information.... more knowledgeable input on this area here!