Lets get rid of it. It provides extra XP and promotes a very much of a clique of my RP is better than yours.
How is it a clique like behavior? If you know the right people and they like your RP, they can promote your RP higher.
Is it effective? No, in the past DMs took notice of my Kobold and promoted my RP score a few times. Does it make my RP better than others? No, I just made a character did some research on the race and tried to follow the books. I believe the majority of the players do this.
I have seen those with high ratings sitting on their PC with their circle of friends doing little to be inclusive and low scored people great tons of RP for others remaining at a low rating.
The current system is about networking and who you know. Great RP and writing for the most part is subjective.