This is basically it, plus some other misconceptions about the value of tiny (e.g. 0.1%) votes.

With bid bots being rampant and mostly pretty dumb there were many front running strategies that made sense, including even front running the front runners.

To the extent that the later and larger votes are more intelligent and useful (and are also balanced by downvotes when they are not), the earlier votes are doing what they are supposed to do, or they don't earn (much)