That would remove some of the utility of the site for me. Some people consistently say smarter things than the mean, so it's more worth my time to read what they write than most of the content on the site. (I subscribe to some comment RSS feeds from searchyc.)

If all domain names were removed from the blogosphere it would enable a more fair distribution of readership, but it wouldn't make for a better reading experience. It would also mean the regulars would have to qualify things more often.

Basically I care more about utility than fairness and I think reputation is a concept with significant utility.