I've observed @smooth upvote my post and it jumps several $100s or more
Some part of the difference is the drop in market value. My votes aren't worth what they used to be worth either.
The problem with Steem's voting reward algorithm is not that 20% get 80% of the rewards, but it is that the selection of the 20% is done by 1%.
I don't think it is really the algorithm as much as the distribution. With 50% of the daily-active stake controlled by 1-2%, no matter what algorithm you use, the 1-2% is going to run the show. Nothing can really change until the stake is spread out.