Peer bonuses are not about receiving them! They are about the ability to give them, and seriously show appreciation that way. This is empowering and enjoyable.
Surely this changes depending on the individual giving/receiving? Regardless of intent you have people who would prize both.
I've never worked in a place that had them, but I do know an individual who views it as a source of pride to collect as much as possible from peer bonuses. According to him it's not about the money, it just helps ease impostor syndrome since it's quantifiable and therefore suddenly the only "real" feedback he gets. Since it's quantifiable it renders any soft feedback he gets from his manager worthless in comparison.
Not saying that's common, just saying that's just one of what must be many many interpretations of the incentive structure.
