That should honestly be the only reward.
RP on CF isn't as elaborate as it is in some games. I'm perfectly ok with that. Most RP muds are essentially the Heralds spread out over the entire game. And it's boring. I haven't played one yet that was immersive and realistic, but still actually enjoyable to log into.
There are shortcuts in CF RP. There are some people (including yourself, by your own admission) who do the bare minimum. There's some players who choose a team and then forget that they're even supposed to roleplay. But there are others who really make an effort, and that's what makes it fun for the rest of us.
One thing I've noticed from you specifially, from first-hand experience, is that you expect your RP to go exactly how you envision it in your head. It's like you don't expect and refuse to tolerate any IC differences your character may have with someone else. I remember your invoker that tried to get into the Fort, and I didn't induct you immediately.. you through a fit. Your RP was solid there, but it didn't mesh with my Captain or with the Fort. I could have thrown RP out the window, and inducted you anyways.. would that have made you happy? You really can't have things both ways, but it seems like you want to.
As far as RP rewards.. I don't play this game for rewards. Sometimes they come when I don't think I deserve it, sometimes they don't when I think I do. My current char I think should be rewarded a lot more than he is. But.. that's not what I'm here for. I play to PK, to RP and to some extent explore. I've had a shitload of fun on my current char, despite the lack of rewards. But if you're not enjoying the game.. then don't play it. We've all taken breaks for a while. Some people come back, some don't.