These kinds of principles are sensible at their core, and I am a big proponent of the mindset, but the main problem as a sibling comment pointed out in a way is that this assumes that everyone is striving for an honest and accurate correlation between display of effort and value, and that everyone is looking deep enough into and behind that display to recognize the true value behind it. But actual effort, let alone value, is not always clearly visible or honestly displayed, and the perception of it is also subject to your own biases.

You could say that people have the responsibility to demonstrate that they put in the effort and created value, but then you get the situation where people naturally optimize perception of effort or value over actual effort or value, because in the end that is what is rewarded. Then you can also say that people also have the responsibility to look a bit closer before estimating real value, but that takes more effort and people naturally strife towards efficiency. I would guess that the problem today is that the balance between these two is off, and we're doing too much of the former and too little of the latter.