I remember reading the Steem Whitepaper and it said that the value of SBD should be at most 10% of the market cap of Steem. If it was higher, it would create instability with the system. You brought up a good point regarding self voting. If there is so many SBD, people will not contribute properly to the blockchain and just be concerned with cashing out. The only way for the blockchain to combat this is to disable the interest rate for SBD which is why it is currently at 0% APR I guess...
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Actually a high SBD is an incentive to keep steem locked in SP, if steem went to 100 but SBD stayed at 1 you could be sure that more would be powering down.
It isn't necessarily about keeping SBD at $1. The whitepaper states that the total value of SBD should not exceed 10% of the total market cap of Steem. You could have SBD be worth $10 USD if Steem was $100. And even if it was $1, why would people power down? The SP would allow them to accumulate more SBD over time.
In a period of market fluctuation like we've seen in the past the price did not remain high for an extended period of time, both the last time and this time we've seen a lot of powering down going on and cashing out of steem, but this time SBD was higher so voting power mattered more during this pump phase so more people stayed locked up in SP.