Players rating other players is a very bad idea. Mob rule usually doesn't end very well. I also don't believe there's such a thing as "toxic" players. People should be free to play how they want within the games systems. Allowing players to manipulate those systems against certain play styles with a voting system just encourages a min/max herd mentality that will destroy a community.
I do like the idea of seasonal events. October Beer Fest anyone?
Toxic players are unfortunately a dime a dozen, not only in MMOS. It is precisely through a rating system where other players can rate you that one takes action against toxic players. There will also be no min/max mentality or peer pressure as a result. Players who are out for min/maxing will be looking for their equal with whom you normally have no contact unless you play at such a level. Min/maxers make up just 5-10% of an MMO. No one is forced to play faster or slower by a rating system. If you behave in a toxic or insulting way or whatever, you will get a negative rating, whether you are a pro player, a min/maxer or a casual player.
In World of Warcraft, 60% would walk around with a negative rating. In League of Legends about 80% and in CSGO probably everyone would.