'Social media' doesn't inherently mean rewarding with money. The most successful sites reward virtually none of their users, although a small portion of superstars do earn money. Furthermore most of them, if not all, do have paid placement of some kind.
So, no, I wouldn't say I have given up on the premise of Steem having a social media front that adds value. But I'm largely unconvinced there is a viable model for voting to give away money in a manner that actually helps make it more social or compelling. Apart from the voting dynamics problem, it isn't even clear that the money helps on 'social' aspect as opposed to hurting. Mostly it seems to make people behave more obnoxiously and less genuinely social in order to try to get more money. I could be wrong, but that's how I see it so far.