While there's been no formal announcement yet, it looks like Microsoft has launched a beta for a Yahoo Answers-like service called Bing Distill.
As mentioned above, the service looks to mimic what Yahoo Answers has been doing for years. After signing in with a Microsoft account, users will be able answer questions that others are asking Bing, promote the best answers, and edit answers provided by others.
There's very little else known about the service right now — without a formal announcement we can only glean details from Bing Distill's landing page. However, we'll hopefully hear more from Microsoft relatively soon on their vision for the service, as well as possible incentives to participate.
It's worth pointing out that Bing Distill is available on an invitation-only basis at the moment. That being said, you can hit up the source link below to request an invite. The process is very simple, only asking you to provide an email address along with a few details about yourself, including the topics you'd be interested in contributing to.