Exactly. One promoter, I can't remember who, went further and described the 1960's PL as full of 'has-beens and never-weres". That's more derogatory than mediocre but was still largely true nonetheless.
This would also potentially cut costs since there would be 60 rather than 90 points per match to pay. In reality, the £/point would just rise to offset the fewer points actually scored. I like the idea though.
All of which are due to fouls/transgressions etc by the opposition, whereas the joker is purely and simply a reward for not being very good. Aptly named and has no place in a professional sport.