Same thing applies to things like Yelp reviews. Maybe a user with close to a 5-star lifetime rating average should have his reviews "renormalized" to 3's because his standards are probably just lower than the guy with a 1-star average.
The problem is that there are so many other factors here (maybe the 5-star average person only visits (? or just reviews) really good places). Maybe the crazy upvoter just spends more time reading each page on Reddit. These are complicating factors that are hard to predict and if the simple case is working, why try? If there were a simple, clearly better way of voting/rating, it would be done.