Maybe in YOUR pack, but belt loops and pins are huge in mine! The boys love earning them and compare and brag about the numbers they have. Half of my den hasn't bothered to attach the arrow points to their uniform because they don't really mean anything to the kids.
Belt loops are quick recognition for specific things the boys have done but arrow points are abstract. I don't expect the boys to think back to all the things we did that year, remember which were required and which were electives, and count the number that were electives and connect that to the arrow points.