HBD has been 2-5% below the peg for the past 24 hours and traders could profit from this if they were willing to wait out the 3.5 day conversion. But a lot of Hive investors don't want to try to profit in this range (especially because these drops below the peg tend to happen when crypto itself is dropping, and they are therefore looking to profit from an expected rebound in crypto pricing).
The stabilizer, by contrast, is operated a little less emotionally (it is programmed to not have expectations about the future price performance of BTC/ETH etc) and it assigns an additional virtue to maintenance of the peg price, so it keeps operating in tight ranges around the peg, where most HBD traders just don't seem willing to play as much. If the psychology of those traders changes in the future, the stabilizer functionality will become less important (although it will still have an extra advantage when HBD is just a little ABOVE the peg in the 1.01-1.05 range, because of the burn fee traders have to pay for conversions in that direction).
Now, there is a good reason for this. I do like to see HBD stable (and that's also emotional), but not by trading my funds at a consistent loss. If the stablizer always needs new money going into it, then it doesn't make a good case for me to adopt its trading strategy.
It doesn't tend to lose money, it tends to make money with its strategy. But it's just less greedy than the average crypto trader: it is satisfied with a percent or two gain on a regular basis, whereas the majority of crypto traders only want to invest in big potential wins and prefer to trust their intuition for future price direction instead of investing in contrarian plays that rely on stochastic changes to profit (basically the same reason most traders prefer to guess future market prices instead of being market makers).
It must be a complex algorithm.