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 Not if it's subjective. YOU are your own credit agency of last resort. And those who YOU trust can help you filter to the degree you want (including not at all). 

You're right that it doesn't turn on whether or not it's decentralized, it turns on whether or not it is subjective and sovereign; or if it is global and "objective" (which are bullshit)

nostr:nevent1qqs2p5sp4c9vqlyfaapyajshs8sjphgype0llmzcccx953lfqdg700qpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhsygrwpg05s54u37jzhqz86c9grycd3zgyeglj4n0mtwzp82uvnazyu5psgqqqqqqshec7dx 
 Has anyone created a WoT that I can control?

I haven't seen one yet. 
 Yes, nostr:nprofile1qqsw2feday2t6vqh2hzrnwywd9v6g0yayejgx8cf83g7n3ue594pqtcpz4mhxue69uhk2er9dchxummnw3ezumrpdejqz8rhwden5te0dehhxarj9e3xjarrda5kuetj9eek7cmfv9kqz9thwden5te0wfjkccte9ekk7um5wgh8qatzhzq4mc.
At the base level, you make attestations about how much you trust particular people on particular topics, and your own subjective web of influence builds up from that (taking into account who _they_ trust, and how much, etc. many hops out).

It's not gameable or abusable because the reputation flows from you outward, at your control. 

I've been cheerleading this project pretty aggressively because I had worked on a similar paradigm on different platform. I got excited to bring the concept to Nostr and then what do you know, I find that David has already done it! Great! 
 Followed and I'll look into it more.

I'll be very cautious until I do.  
 Sounds reasonable. I think you'll be pleasantly surprised  
 In what sense you mean subjectivity? 
 nostr:nevent1qqsqj9j9dtth5ynmnjsjx2jffrsg4ru0nlzan372ryehapxazgsqmegpz4mhxue69uhh5cts9ehx7um5wgcjucm0d5hsygpwl2n3twa5dh2mu6ma4rthqqnx6yt8fwgnhqtc4hd4ctnrmxrnxypsgqqqqqqsxcd5p8 
 WoT is only good to big accounts
Too elitist in my opinion 
 A proper subjective web of trust does not have that problem. There's no reason you need to assign any trust at all to "elites". The trust graph is yours and you decide who the elites are, from your point of view:

nostr:nevent1qqsv0v7snhs90pvexfmqp7gnyhqapjrrp04g4zmmwtfpg03nnm80g4spzemhxue69uhkyetkduhxummnw3erztnrdakj7q3q9ma2w9dmk3kat0nt0k5dwuqzvmg3va9ezwup0zkakhpwv0vcwvcsxpqqqqqqzaazjq0