You’re right, there is only up/down vote systems with a user base that is in no way verified or otherwise restricted to a single vote/real person, or corporate algos.
There are plenty of different models. Do I fault the Lemmy devs for using it? No. Is it ideal for content discovery? Not really.
You’re right. Apologies.
There are many other models, some discussed in this post. All come with their own set of upsides and downsides.
For a small community, which Lemmy original was, straight up votes work great. Unfortunately it doesn’t scale. Reddit is a perfect example.