The idea behind newsteem wasn't bad. The bidbots were unnecessarily draining on the reward pool, with little actual benefits to anyone beside the bidbot owners.
I mean I actually approve downvotes if the content is unfairly rewarded. But I don't consider the tiny votes SBI gives to be unfair.
People still get rewarded for their posts. It's just that SBI may eventually end up flattening the reward landscape for people. Which I think is good for all, because it takes away the lottery aspect of Steem.