I think there are many things, the ponzi FUD is probably one of the reason people are not touching steem, the fact that steemit inc owns so much steem is possibly scaring investors and also the lock period has done a lot of damage, basically an event that could have been done in a week which is the selling of early adopters/miners's stake took over 6 months so when you look at the chart it doesn't look pretty. I think the complexity of the whole system also played a part and the inflation was a huge mistake. I've talked to many people in crypto and they still think steem has 100% inflation...
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I feel the same about bitshares. I've read a bit about it, but still don't understand it very well.