While it would be hard for these sites to match the cumulative reach of SO, they will have an easier time getting specific pages to rank highly. This can also be abused with a system where most pages link to the .1% of pages that should be emphasized. In this fashion, smaller sites can throw their weight around and get specific pages to rank more highly than bigger sites.
Trying to solve this issue on a purely technical level turns out to be a lot more complicated than it would seem. It is made much worse by how damaging false-positives are for a search engine (Google censored me!). So the result is that this often only gets resolved by manual actions rather than automatic penalties.