I think the point system encourages people to share and be engaged in the community. It's a better experience when we engage rather than just looking at pictures and reading profiles. I like to think the things I share and my comments help provide some insight as to my personality. But I also see people waaaaay too focused on points so they post things only to level up.
Points of course are pointless but theres a feel good factor in there somewhere I don't know what location but there is something compelling like being 'liked ' OOh I got a point how lucky or someone liked somthing i liked so we like the same things - goody goody gumdrops. I think it is quite a happy thing to have around and not have to be taken seriously - good for bonding - I reckon most people are non-competitive about points. but they are kindnesses.
We need it to keep scammers and trolls out. Rules for a reason.