I know what you mean. It would be interesting to make some calculations to see how much a user could earn by doing this and how much he could earn by being a moderator within same time period.
I also think that the reputation system could help identify such behaviors, if someone is constantly upvoted by accounts that have not introduced themselves or just inconsistent accounts.
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I've done some 'fuzzy math' in my head, and I believe it would be a lot more if they could get away with it. I think the real undecided factor of this are how good of a job could moderators do catching this behavior, and how many people would prefer to try this over just taking their moderator rewards.