It could reduce bandwagoning and equalize rewards over the whole spectrum of topics and communities. The reward pool for each tag should be in direct proportion to the total weights of votes per tag. Each topic would thus have a reward pool proportional to it's popularity on Steem, and within that topic/category the rewards would be split in proportion to upvotes squared.
Some positive effects would be:
- The amount of popular tags might increase
- The diversity of the community would be expressed much better
- Rewards would be better distributed over the whole spectrum of interests
- Bandwagoning on prominent bloggers would decrease
The negative side-effects include:
- People would post under wrong tags to gain attention
- The run-time memory requirements of nodes would increase
I think those would be solvable problems.