"The distribution of capital should be equitable thereby creating a fair playing field"
Then should the "accumulation of capital" that can be distributed not also be "equitable" by your logic of "shoulds".
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Yes.
The simplest of answers! The accumulation of capital, in the case of steemit, was not performed on an 'equitable basis', causing an imbalance which is having an exponentially adverse effect, in line with the exponential imbalance of distribution. This imbalance is driving down the value of steem as a result. If the structure is not equitable, the enterprise value will always be compromised. It is a self-defeating imbalance of leverage.