We do it because it's one of the few tools we have to try to prevent this place from destroying itself. Most of the other tools (such as replying to comments) take enormous much time and energy. It's necessary to have at least a few measures that can be done in software.
I wish that everyone complaining about this could realize the irony of the complaint: one of the reasons why the thing valuable enough to be worth complaining about exists in the first place is measures like rate limiting. But I know that's too much to ask.
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