I think if you factor in the SBD it's a little closer to that $2.20 mark. Still short, but definitely closer. But that might not make a difference either way, it just seems that since Steemit basically has 2 currencies their combined value might be a bit more representative of the total worth of Steemit. Either way, I'm definitely with your thinking that STEEM should be higher than it currently is!
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Normally the value you earn is split over the two currencies. But SBD is said to be around $1. So eventually people will 100% power up since that give you a bigger share of the reward pool (if Steem > SBD)