Reviewing a paper is effectively unrewarded: you need
some kind of reviewing service on your CV, but the amount and quality is barely measured, let alone considered for career progression.
Reviewing a very good paper is quick and easy ("LGTM"). Really terrible papers are not too bad if they're obviously awful, but reviewing something subtly flawed takes a lot of work: you need to identify the flaws and describe them in a way that's compelling enough to convince the authors--or at least the editors. Ideally, you'll also explain how to address them, which is more work now and down the road when you review the authors' often-grudging implementation of your suggestion.
In such a world, people may be increasingly reluctant to review papers without some indication of their quality (for which name is a rough proxy). My solution to this is to somehow make reviewing more valued. It's an important part of science and deserves more than a checkbox.