Here is it bluntly: Few cared about $HIVE (or HP) before HBD was at 20% and it will be the same if it is changed.
What would incentivize more people to be interested in Hive? What would happen, if the curation rewards and/or the APR of Hive Power would be increased? Nowadays the APR on Hive Power is around only 3%. What would happen, if this value would be higher? For example 5% or 10%. And with the added curation rewards, the 20% (the same as with the HBD passively) would be achievable. Would any of these scenarios be technically/economically sustainable in long term? Would that increase people's interest in Hive Power? What do you think?
If you increase HP APR the only benefits will see by the whales, giving them more power to vote witnesses and proposals, AKA more centralization.
You are right. If we think about this, then this is obvious.
What good is APR if the value of the coin drops 50%. Hive is a volatile asset.
If seeking yield as the primary investment motive, then you want something stable like HBD. Even though it moves on the market, it can be converted for $1 worth of HIVE.