I think it would be a mistake to remove or hide follower and following statistics from from profiles. As you have mentioned, there are far too many “fake” followers on Twitter. The ratio of followers to those being followed often provides a clue to someone like me that always checks profiles before following anyone back. Someone with 0–3 posts who is following 1–5 people and has 600 followers is a definite red flag for me. Also, when I see someone following thousands, I’m unlikely to follow unless I’m following for information instead of interaction. It’s hard to be seen in a feed of thousands of posts.
I understand the competitive aspect that motivates those trying to get a larger following than someone else. I supposed some get their significance from the statistics. That’s maybe why some people buy fake followers who will inflate their numbers and make them seem more popular than they really are. But because some people misuse statistics is not a good reason to deprive others of seeing them.