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Not really. The fictional world is used only to contrast it with how badly it mirrors the reality. It's invoked merely for the author to have a chance to say "mea culpa" (and maybe to help illustrate that these wrong ideas are seductive).

And ends with imagining how a proposed but yet to exist system will function... while ignoring historical examples of many societies that did organize themselves by reputation that worked out quite well without seeing anywhere near the type of inequality that currently exists. And, of course, some that organized themselves that way and didn't work out that well, although still not with the current level of inequality.

For that matter, he doesn't actually show that even his imaginary reputation system is worse than our current monetary system, just that some of the same types of issues can happen.

Ah the ole self citation. Always a classic.