You are right, bumps have been around for a very long time. The internet has changed a lot since then, and the community size has become substantially larger than for what the typical bulletin board style system was really catering for.
More modern community platforms have accommodated for bumps in different ways, such as gauging activity traction, rather than accepting a single 'bump'. Then, using that activity traction to provide easy access to "What people are talking about now" rather than "What people are bumping now".
What it comes down to is a few basic pillars that guides our very small team on this project. We want to make effective use of your time, provide easy access and visibility to relevant and quality content, and make it easy to engage and contribute back.
Also - please keep in mind that this is a beta, and things will be rapidly shifting around. When all is said and done, what you see on this site will be vastly different than what you are experiencing today. The reason we released it so early is because we wanted to shape our decisions based on you, our players.