I think the revenue model is good and will probably be copied soon by other social media platforms. It adds a new powerful incentive on why and how people should utilise the platform. Perhaps, quality content will increase but just like you've said, users will game the system to double dip on the rewards. It's bordelessness is a good selling point for users in other countries apart from the west.
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It's true that for once, social media monetization will not longer be jaded because of the problem of geographical location, but in I'm still worried about it's sustainability, seeing that Elon is an erratic man, and people will look to game the system. I still think at the end big users are the one's that'll profit the most.