This would not stop cheaters doing the same cheating like usual, they only need to upgrade to jr.member rank or get those accounts in some other way.
Or we would suddenly start seeing some high ranking accounts waking up just to apply. Those cheats are just something else 
If they are willing to do this kind of cheating for extra $5 than they can do much worse 
Bounties that have always accepted, all ranks are not profitable anymore, so those newbie accounts are close to useless unless if the person behind can get about 20 of them into a review campaign. That's 20x$5 ($100). Not worth the effort but at least some beer money. This is the lowest Chester's can go in my opinion because $5 is a kind of too low to get the attention pf any reputable forum members and only newbies and Jr. Members will take such offers seriously amd if you notice a trend in the suspected accounts you will see that their are alts and most are low ranks.
The CM decided to go for Quantity or quality, so I guess it's up to them since it's their money.