Frankly, sometimes I wonder if it would not be better to add a random element to it, this is, make it a lottery.
I guess they system has stochastic resonance. At zero random, we get the current circle-jerking. At max random, we would get basically shitposting. But somewhere in between, we could find an ideal balance that maximizes the incentives for quality.
just read the post i referenced for a better implementation and coherence.