Interesting idea on building better property borders. But I am not sure that solves the concerns about "raping the rewards pool" as some people call it. There is after all only one reward pool. Just because you isolate yourself by associating with a few communities, at the end of the day the entire reward pool has to be allocated to the entire set of people participating on the site.
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Isolating property borders would require isolating reward pools. Steem as a base currency, yet rewards to be generated in SMTs, curations to received in SMTs and the SMTs will be valued based on Steem Power the owner accoutns have. Outsider won't be able to flag a community member or upvote them.