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OP asked why people farm points and I pointed the biggest infinite point sink there is. Some people see value in raising their level. Most people don't spend 800$ to gain the points from their purchases so if they want the full badges every year, they must find alternate way.
Yes, don't get me wrong, all fine, but as to the manner in which points (well, rewards) have destroyed this "community" through the incessant, organized trolling and baiting I'm sticking with the financial incentive as pointed out in #1.
Those who seem to think they do are misinformed.
They are for buying non-tradable and non-sellable cosmetic items only.
Steam being Steam (and you being you even more specifically) I am very sure you will again find a way to not get the point, and I thank you for your contribution as such. Reminded me again that I really do not want to be here. Cheers.
https://steamladder.com/ladder/badges/48/
People who spend tons of money on their profiles attract the strangest individuals in the comment sections.