@Brett, what you are saying makes a great sense BUT any insights on why Google hasn't bolted the traffic signal in reputation score so far?
how many non-commercial sites have G.Analytics installed?
how many people do NOT use chrome?
how many web publishers don't have TB installed?
I'd guess answer to above questions would be - a large percentage!
So reputation score based on traffic may leave out a large part of the web and that may make things worse?
Links still remain the basic connectors on the web but i can see the merit in your argument in many cases. - I'm sure teams at Google would be working on it.