IM-not-soHO as a school and clinical psychologist:
1) The third grader is insightfully correct, reward desired behavior just like a dog. Nothing wrong with that. My paycheck is a very good reward for doing what I am supposed to be doing. My job. It is not bribery unless I am getting rewarded to do something I should not be doing.
2) The teachers who are using this data, upon request, to help with ADHD medication monitoring and divorce data, are probably making a mistake. Due to social perceptual biases, like Confirmation Bias, teachers are going to attend to behaviors of particular students selectively. This is not good data for individual children.
3) That said, it is a good general classroom behavior program. It reminds the teacher to reward and attend to good behavior, it gives feedback, and it is visible as a reminder to students.