It was the initial model for SBD to always be 1$, but then it was treated as its own currency and kept moving away from that concept. Not that different from what happened to BTC that keeps getting spliced into subcategories of the same currency.
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But is anything actually pinning it down? If there's no way to cash it out for $1 of goods/currency then I don't see why it would stay at $1.
It is created at a faster rate when >$1.
Most of the developers of Steemit still want to pin it down (I don't know how) so it will look more secure for people to start using it, instead of treating it as a scam that will one day burst like a bubble. The value of STEEM is the only thing that is supposed to change, and even then only for reward payouts withing Steemit. Meaning, the only fluxuation is "supposed" to be the amount of SP you gain, not its value in the market.