you have brought up a very interesting point that has a lot to do not only with steemit, by with the herd psychology in general. This phenomenon happens everywhere not just here, it happens on the stock markets, in restaurants, in movies ... people see people do.
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right. it can actually be applied to every aspect of human life. Trends are exactly that, they come and go in up or down trends (fashion is actually the best example).
To go back to you original point, I believe steemit will face serious adjustment before we can call it a fair system. Otherwise it will end up like a pyramidal system where the bottom layer are working for the top ones.