I think you are absolutely right @yabapmatt
Another project recently announced. APPIC. Made it clear that there was going to be no porn, no bots, and moderators for every category. That's the kind of thing that is going to attract big name advertisers if they can build a decent user base.
With @ned as advisor 😎 and a more skilled marketing team behind.
I signed on for steemit and feel let down but it all makes sense what you wrote.
Do you feel let down because of the price drop?