"given how long it takes to build reputation". Hmmm..... you must not have heard of bid bots? You can get to REP 66 in a week, easily, or less even. With the rise of vote selling REP means absolutely nothing now. Well, not nothing. It mostly means now that you had some money to invest in yourself.
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The current Rep system is worthless, but there can be a better system to gauge reputation. It's on the distant roadmap for Hivemind, at least.
How about if reputation system depend on liquid steem power person has instead of delegated sp? I guess that would work since most voting bots have sp delegated from other users (or should I say whales?)
The idea here is to completely do away with any kind of wealth-weighted voting.