That'd be Great

not necessarily.
the 'follow'-feature is a nice-to-have gadget that allows to track user submissions and browse the meme pool more conveniently.
If you create memes and submit them you're like an actor and imgflip is your stage.
You are happy to see people are watching - but you don't necessarily need to learn who's in your audience. You will know anyway when they comment on your memes.
But some might just want to peek. Some might deter pressure to follow someone back.

Want to experiment first with not adding all the social pressure, advertising, and mumbo jumbo that comes along with e.g. Twitter followers