Is Stack Overflow a proper place to earn reputation for a good job? I look through the questions and it seems to me that we have a lot of artificial questions that were asked by people who actually know the answer.
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I would say that SO isn't a good place if your main motivation is to get reputation to get a good job. The motivation should be helping people - and it's pretty obvious when that isn't the case (IMO). Having said that, between SO and SO Careers, it can certainly be a benefit when looking for a new job.
Personally I haven't seen much in the way of clearly artificial questions - could you give examples?
If you start participating on SO with the goal of earning reputation to get a job, you will probably get frustrated quickly. Gaining reputation is often an arbitrary process, and a sole focus on rep will usually result in some kind of negative feedback from the community. Plus, it's entirely possible that your SO reputation will be shrugged upon when trying to get a job, simply because people don't know the site or don't value it.
But if you participate on SO out of interest for your area of expertise, to converse with fellow developers, or to stay up to date in your technology, and if you bring along solid knowledge in your field, your participation will very likely, over some time, amount to a track record (including reputation points) that can be beneficial when looking for a job. It may even land you a job when you are especially active in a field, and point out to be looking for work in your profile - you never know.