Despite the fact that flag weight was declared dead 18 months ago, it was secretly hiding, deciding whether or not moderators saw your flag, and how quickly.
As a side-effect (or maybe it was intentional), it resulted in the hell-banning of poor flaggers, and made it difficult for them to recover as their flags were buried and were never seen. Because of this fact, the developers decided to ignore the metric completely as part of the major rewrite of the flagging system that Shog describes in his answer on the previously linked question.
We're in the middle of a major re-write of the entire flagging system. As part of this, we're re-thinking how flag weight (and thus "hell bans") work. Anna & I have been discussing this for a while - here's what we're looking at doing instead:...
While there has been no official announcement of the implementation of this new method for ranking, the idea that flag weight is being ignored is mentioned by Nick and Oded in the comment thread to Please revisit the decision not to let people remove moderator flags
Given Nick's comment:
@CodesInChaos I don't recall ever seeing that, there was a period we didn't show it in the profile, but it was not gone. Now it is, for good. HOw abut I put it this way: I could drop the column from the DB right now and nothing would happen. – Nick Craver♦ Jul 11 at 11:45
effectively says they can drop the column without impacting anything suggests that the flag weight is truly gone and buried, never to return.