I was observing that some users, by now, should already have 2k points or more, but due to say bounties here and there, have less than 2k.
Yes, there's a lot to edit, and they should certainly be suggesting edits if they do not have the privilege to edit directly.
Perhaps you meant that privileges should be "buttons" rather than "switches", that is, once you "unlock" a privilege, it remains accessible to you. But that's not how the software is designed.
If you lost your reputation due to any reason, you will lose the privileges associated with it.