True, but whatever mechanism takes its place must contend with the fact that users vary in the extent they: 1) actively think of the larger community vs. themselves as a member; and 2) derive individual esteem from it.

As an example, the karma system at Reddit looks fine on paper relative to #1, but #2 is what created the phenomenon of meandering threads full of single phrase bad puns. The users are converging on a local maximum gain of esteem via upvotes, per unit of effort as measured by post length.

Reddit is essentially the only platform left, which makes it a difficult example of an unusable one. I think it's actually gotten so big that its old problems (every reply being the same joke) were solved by having new users voting that don't all like the same jokes.