I do sort of track outbound links, so that I can show which domains a blog links to most, which can sometimes give a sense of what the blog is about.
But, while I haven’t analysed the data, I suspect the links from one blog to another would be a very tiny percentage of the overall outbound links. It’s the kind of thing that might have been more interesting/useful in the olden days of blogging when more people linked to each other, and replied to each other, via blogs rather than social media.
I think equally important is algorithmic transparency, that is, that the algorithm be publicly disclosed (although I think simplicity is a component of transparency: if you just dump a huge incomprehensible algorithmic mess somewhere that's not very helpful), so that you at least know what you are getting into, and better yet have some ability to choose and make educated critique of the current state of things (i.e. does the algorithm just maximize engagement like a slot machine? or does it optimize for some kind of helpfulness?).