Do you have proof for you claims? I am under the impression that 500 rep essentially maxes out your standard privileges and that no reputation based weighting is applied to votes.

If your fear is that there are voting rings (which apparently the system tries to detect) then resetting the rep will give them more relative power not less.

Personally I dont pay any attention to the rep of a user when evaluating how I should or should not engage with them. I think things are working just fine at the moment.

If you are frustrated by repetitive homepage content, I recommend you switch to the "new" view as there is lots of diversity there.

Again, if you have any proof that a cadre of nefarious high profile users are somehow abusing the system I would love to see it.