The problem is one of those evolutionary arms races, for a reason in your observation: if the points are useful in seeing the popularity of a given post or comment, then why not simply create a bunch of fake accounts to boost said post/comment (which is exactly what the OP was complaining about in the first place).
Individual karma ratings allow a weighting for upvotes so that, in theory, contributors who have a track record of constructive interaction can be the ones who have more influence on what rises to algorithmic prominence. But, of course, everything can be gamed, hence upvoting bot/sock puppet-rings like the one OP observed, or people buying accounts on reddit that had pre-established karma to let them astroturf away with impunity.
No idea what the long-term solution is, beyond the vague “build a community of known faces/names” which runs the opposite risk of turning cliquish or closed-off to new content. Or maybe abolishing all algorithms and just sorting everything by new (which brings us back to the ancient commenting issue of a whole chain of people saying “first!” rather than adding any meaningful observations).
My obscure nostalgia moment from the N64 was the game Blast Corps, where you had to destroy buildings with a range of vehicles to clear a path for a nuclear missile on a truck. Getting the side-swiper to skid just right was so satisfying.
And of course Banjo-Kazooie, as much for the immersive soundtrack as the colourful worlds.