It's not currently functioning/connecting as intended. However, in response to your question "no, not really." The way it previously was set up, it really did not make much/any difference.
As for its purpose, currently it only seems to be cause for clamor & confusion; however, it appears ibotta is trying to revamp it in such a way to make it function in a meaningful way.
If you want to stay in touch about teammates/teamwork, here's the February link that you can reply/follow: https://community.ibotta.com/t5/deals-forum/february-2021-teamwork-thread-add-teammates-here/m-p/175...
Also keep your eyes open for a similar post from @ScottyS for March.
The only thing teammates are for is the monthly level bonuses. They help get the money amount needed you still need to get the number of rebates. It hasn't been working since July. Go to the deals forum pinned post February teammates 2021 (a March one should be up soon) all questions and statement about teams go there no where else is allowed it clogs up the feed.