Actually, as much as i dont want to admmit it, in a Games Theory perspective, Steemit is not incentivized in making great content, but into acumulating power so its easier to accumulate even more.
I'll explain in Games Theory:
First round:
The whale has strong incentives to post to make money, so he makes content knowing he will win.
The minnow has strong incentives to post to make money, so he makes quality content expecting to win.
Second round (t +1, after publishing):
The whale won more power and more money, now he needs less effort to gain the same amount in the next round. (The more steem power the more visible someone is)
The minnow gained little or nothing after publishing, so he has less incentives to give same effort in the next round, hence, he makes poorer content.
Third round (t + 2, after re-publishing)
The whale gained even more so he needs even less to gain the same amount in the next round.
The minnow gains little or nothing again, so he have incentives chase whales content expecting to get some upvotes.
Fourth round (t +3)
The whale gains even more (now that another little minnow is following him, commenting, etc.) knowing that it doesnt really matter the quality of his content... cus minnows will post and comment expecting his upvotes...
The minnow luckily got something from the whale, so now he has no or very little incentives to create more of his own and original content.
Results:
Poorer and poorer content being rewarded in the platform, and no incentives to do great as a minnow.