It does, but the trust metric we use is not very visible on the surface. Which is sort of by design. There is a hint of it on the user page if you know where to

It does, but the trust metric we use is not very visible on the surface. Which is sort of by design. There is a hint of it on the user page if you know where to look! :) Probably the main visible entry point is flagging, so try flagging a post or topic. It's also hard to see the moderation functions from the outside, but I assure you that they're as frictionless as we could make them! For example, multi-selecting posts, splitting topics, merging topics, locking topics, archiving topics, etc. There's still a lot to do, we have no way of selecting multiple topics at the moment, for example. But I encourage you to try out the Vagrant image if you want to hack on Discourse quickly. It includes a small db, and you'll be a moderator there.