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ike comments on Rationality Quotes August 2014 - Less Wrong
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Well, did they test popularity of sites without fake internet points vs popularity of sites with, controlling for relevant factors? I skimmed through the post, and there wasn't much actual data on what people do and why, just assertions.
I thought the point of the points was to weed out the people whose "help" you don't want.
That would account for reputation, not badges. (No one says "Hey, I got two answer from people with the same rep, but one has twice as many badges, so I'll go with that one.")
On the actual question, I've seen meta-posts on Stack Exchange complaining that they qualified for a badge and didn't get it, so the stuff does matter somewhat.