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Most likely an incentive to actually do a 5k. What would be the point in committing to 4000 more hours when you could just make a new guild and get the exact same prize after just 1000 hours
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there are no rewards for 5k, they didn't just stop 1k rewards.
guilds that done 5k didn't do it for the hat lol, they either done it to go for 10 and get a mount or to stay 5k hours towering together.
The reason why they stopped 1k hats is because of how easy it became to finish a 1k guild and this was caused by having many 'truces'.