I remember when the downvote button actually did something.

I am guessing a meme with a lot of down votes doesn't get anywhere? I don't want to know how many downvotes I have on any thing I have ever made. I am happy being ignorant of that number!

It still effects the memes, you just don't see them.

Its there just as a feel good factor about ruining someones life!!

Idk why, it is pointless eh

ikr

Just because you can't see what it does, doesn't mean it's not doing anything. At the very least, it probably affects whether or not your meme makes it to the front page, and how long it stays there.