I'd say I find it acceptable for an investor to use circle jerking or self-voting to grab a number of tokens worth at least the total inflation(8.6% at the moment) without doing any work to provide value on top of their investment. How much I can't say but given the extreme volatility of STEEM powering up is quite a sacrifice in terms of opportunity cost. If only 1.6% were permissible, then powering up would be stupid. This is capitalism after all and it would be laughable to demand people to give up for their hard-earned money for no gain.
That said, I have zero respect for the early miners who abuse the system. Those people haven't invested a fraction of their worth but still see it fit to waste other people's money.