To some extent I agree with you here. It is not optimal. Far from it.
That's why I've made several comments in the past about some (in my own opinion) clever ways to improve on the system.

In the beginning I got no attention, then all of a sudden everyone wanted to flag everyone against the old guidelines in the name of "fairer distribution" and now it seems I'm one of the first to adapt to this change. (sometimes I'm happy I never put in much money; it let's me be much calmer, colder and somewhat detatched when everyone else is running around screeming)

What we really need are some sharp changes to the platforms scaling of payouts, in my opinion. Accompanied by better onboarding, by rewarding the voters on the introduction posts of those particular users that later go on to become successfull bloggers. That way we would have both a referal system and more people actively looking for good new writers, rather than just good or just new writers to gamble on.