Speculators will either have to buy Steem or not buy Steem
No they don't. They can simply go elsewhere (including USD etc.), as can merchants and users. No one is limited to the choices offered on one particular blockchain.
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You miss the point entirely.
I disagree. I believe you are missing the point. SBD provides a distinct service, which brings more people to the Steem blockchain and ecosystem, adding value to both through greater adoption and incremental utility. The situation that is realistic is not people being forced to choose between STEEM and SBD and therefore choosing STEEM instead, it is people choosing between anything Steem and something else. People who are put off by volatility (which is a huge impediment to cryptocurrency, even the least volatile) and want stable value will not suddenly decide on STEEM from the entire universe of assets (or the smaller universe of blockchain) if SBD is eliminated, they will simply not be here at all.
We will have to disagree on this.