Steemit isn't a replacement for bitcoin. Bitcoin is money with predictable rules. It's not about the technology, it's about the money. Steemit is not about the technology, it's about the excellent social networking platform it provides and it will replace bullshit like reddit and facebook.
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Steemit isn't the potential replacement, steem is. The former is the application while the latter is the currency.
because of the drastic inflation, steem seems not meant to be a store of value, so i doubt it is competing with bitcoin
Bitcoin's not a good store of value. It's phenomenal as a medium of exchange though (except for the slowness of confirmations).