The problem is one of those evolutionary arms races, for a reason in your observation: if the points are useful in seeing the popularity of a given post or comment, then why not simply create a bunch of fake accounts to boost said post/comment (which is exactly what the OP was complaining about in the first place).
Exactly, creating accounts doesn't stop them. If a user has leverage on the editorial content of kbin, then they will multiply the accounts.
I fled reddit because stupid stuff was upvoted for popularity. If we allow the same vote system we will have the same problem here. The trolls have already learned the behavior on reddit, they are just surprised to see that their votes are public on kbin. But the underlying problem is still here.
My preference goes to "no vote" system and just rely on the report button, but it's a complicated problem for sure. What helps us is that the population of an instance is not unlimited, like on reddit. We can use that.