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> It does, though. Your karma basically determines the visibility of any new post you try to make. And low-karma or new accounts are de facto shadowbanned.
User karma has no impact on the default sort ranking[0] (subreddit hot score). The source code is available here (as of ~2018): https://github.com/reddit-archive/reddit/blob/master/r2/r2/l...
However, user karma is impacted by mods' use of AutoMod on a per subreddit basis or accounts identified as fraudulent, but otherwise there is no site-wide application of user karma.
I spent some time experimenting with alternative rankings at Reddit.
0: Logged in users get a semi-heuristic, semi-ML powered default feed.