There was a points system here for many years. It misfired badly when individuals would answer quickly (and badly) to get a "first answer" point.
It was also subject to"favouritism" - there were a bunch of regulars in here (of whom I was one, I admit) who ended up making sure that we all got the points.
One particular individual actually got very abusive (and I can probably find some examples from way back) when she felt she was not getting sufficient recognition.
So, a few years back (like 5) that was all ditched in favour of rating by "thanks" . And then, a year or two later by no actual rating at all by anything (although you can still see your "thanks" in your profile).
Removing the "competitive element" was intended to make the site "nicer", and perhaps it did. It also meant that three quarters (or more) of the contributors got bored and left.
The vibrant, edgy and often bad-tempered, exchanges may have been a bit unpleasant at times, but boy, was it fun! The questions were also trickier, and less anodyne. (Although back then we still got a shedload of Justin Bieber questions - so there was always the dross).