This argument has two solutions that will be both fair and respectful to all members:
give the bold names back to ex-staff, and keep the reputation system...
OR
If the ex-staff don't get their bold names back, the reputation system should be removed as well.
And if you say "the reputation system has nothing to do with this", consider how both things have affected people in the same way (between arguments, narcissism, and abuse).
Consistency and logic. They should be the two most important things here.
I've voted "yes" by the way. There's no point in making everyone suffer for someone else's inadequacies. Like I said before, if it's going to be played like that, remove the reputation system as well.