I'm pretty sure that author lists will become unprofitable and those using their vote power that way will be largely wasting it. That is already happening with many of the top authors having curation rewards frequently reduced by 70-95% (95% specifically in the case of Dan).
That was the intent of the reverse auction system and it is working. Not all voters have quite figured this out, but give it time. As a few people said in earlier comments, many of these problems can be solved via economic incentives, and the structure to do so is there, but that doesn't mean that everything happens yesterday the way people may want. And there may still be issues with the incentives, but they are far smaller than most believe (particularly in the case of this issue).