I have 112 referrals and this is because I didn't want to abuse it too much.
I used the invitation links only with specific people, after I tested a mass invitation and then stop it.
In this way you can "control" a bit who is coming to SN, not all unknown assmilking shitcoiners finding your link in the wild.

This option with invitation links I like it a lot,. especially that you can set exactly the amount.

“referrals” and “affiliates” are terms with shady connotations,

Agreed. I use to invite others, not to be specifically my "referral" but to offer them a new way to communicate with other bitcoiners. I so not care too much about the sats I get from "my referrals", that is not so important. Important is that they bring new good content.