After reading the posts, not sure I can agree with your first sentence. Minnows will earn more from the vote than what they contribute. On the flipside, a user like @aggroed can bid a higher amount to grab a majority of the award, but as he said he's putting in an amount that is higher than the return he is actually receiving. Thus, he is adding to the lovejuice pool.

Also his suggestion to bid for other's post helps people create a sense of community helping one another.