As much as I'm not a fan of celebrity politicians, the situation you describe sounds pretty democratic.
I don't think a system that favors people based on how much money they have access to is great, but I also don't think a system that elects people based on their fame is great. Having both paid and unpaid options for reach provides a little bit more balance.
Proper enforcement is hard. They won't get there soon. It'll come slowly for a few years to avoid mistakes. When AIs get reliable at detecting lies/harassment, enforcement will become the norm. (my prediction)