Distribution happens over time. Plus you failed to mention the liquidity pool on Uniswap which is where any trading should actually take place. Also, the worry about scarcity creating value as a bad thing is a bit strange to me since that is exactly what creates value for bitcoin, and it seems to be just fine.
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Scarcity isn't a problem, it is a driver of value. But if there is narrow distribution and scarcity, the price can be high, but only a handful benefit. I think that leads to social problems in the community, much like it does in real life.
Yes, distribution happens over time, but it doesn't have to be like it was on Steem. There are millions of people holding Bitcoin, it is a little different. Plus, 20% of the tokens are locked up for life, through lost keys. That could happen on Leo too of course.
I didn't mention the pools as I don't know enough about it, which you will find from some of the other comments here. Also, the pools are a bit different to use, so cater for a narrower audience perhaps.
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Anyone holding LEO benefits from a higher price, just because some benefit more is irrelevant and is what will always be the case unless everyone is holding the exact same amount. On the whole, sure a wider distribution might be "better" (whatever that means) but aside from those good feelings, it's just a talking point and not something that will prevent LEO from going where it's going. In fact, I think it's overwhelming positive for LEO that the stake is closely held. It will allow for higher prices because it's held by those that believe strongly in the project and those higher prices are going to ultimately attract a lot more users. Something that would have been harder to accomplish without the higher prices.
I would have thought you'd been around long enough to understand the risks. Conditions change, beliefs change, behaviors change. Relying and trusting on the benevolence of people when money is involved will often lead to bad outcomes and once the positions are set, it is very hard to come back from it, as we have seen before, quite recently.
There is a trade-off with just about all things in life, risk vs reward. In this instance, I think the potential benefit outweighs the potential risk.