I don't like a lot of things about ONO, including the initial distribution to themselves and their friends of 75 vs 5 per year for contributors. 15 years for the collective efforts of everyone else to reach parity in terms of coins? Bleh. Let's see if STEEM can be more widely distributed by then, though. ;)
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I agree with you that aspect does seem a little dodgy, that being said like any other idea it must be tested before we slam the gavel.
I am just in the camp that thinks that giant bags of money with no strings attached hampers project productivity. The incentive to perform and produce a viable, worthwhile product is largely removed if the largest reward is given before the results are in.
Imagine if Steemit employees had obligations to deliver updates on a schedule to be able to vest percentages of their stake, for example.