I think whatever that's going to be based on SMTs are going to have some better distribution. We could even end up seeing people using SMT based sites/projects more than STEEM itself. If this ends up happening, the initial distribution problem will be more or less taken care of. STEEM would keep increasing the value while SMT projects creating better communities through better distribution.
It was really stupid to mine STEEM in the first place. A pre-mine and a faucet would have been a far better option. NANO actually did this and it ended up well.