This winnowing of the chaff simply clears Steem's path to world dominance. Muhahaha! (evil laughter; twirls mustache).
You are correct that Steem has a product. Not only that, but it's one of the main use cases so far for crypto. Most of the 'top' projects were doomed to fail in one way or another because there wasn't much to them. Much ado about nothing. Same thing happened in Silicon Valley in the 1990s. Investors were throwing money at anything and everything. Once it crashed, there were only a few companies that came out of it which really had valuable Internet products. We're seeing that process unfold here, though in faster time. When the dust settles, Steem will be in prime position.
It's possible, and I sure hope you are right.