I think it should stay, as people who care about their Karma will be good. I like it as a way to "thumbs up, thumbs down" posts. I nuzzle people who give questions with an informative answer, create art, or contribute to conversation. I bite people who say something offensive, spam, troll or are all around unpleasant people to have on the forum. I find it prevents me from commenting, which will just get me bitten for feeding the troll. It's also stopped me from messaging an offender after their thread has been locked.
Also, by removing the feature, it'll be like telling every single forum user that thye cannot be trusted with a fun feature. I'd be more offended by that then any "bite"