I think it is, because it's impossible for people who are not mods to implement new ideas.
Regular posters came up with ideas for the IP forum, the US Election forum, modifications to the board software (hide an avatar and others), and more and somehow those were implemented. We don't need a "mod election" for people to come up with ideas that can be implemented.
Given the board has some strongly reactionary posters who will fight tooth and nail against any idea, regardless of its merits, I think it's also important that everyone knows whose ideas are being presented, and why, and that everyone has input about whether they like the ideas or not.
If you have ideas post them in Sound Off, which is what that forum is meant for.