I agree with you and yet... they currently have the one of the fastest, most used blockchains ever. They also have the only functioning social media website paying people for comments, posts, and upvotes via cryptocurrency. On top of that, new apps like DTube, DLive, DSound, ChainBB, Busy, Utopia.io, and more are being being built and maintained right now. The momentum and progress is quite impressive when we step back and look at it all.
I'm willing to hang on for the ride. Worst case scenario, they make a huge dent in the space and other competitors pick up where they left off. Either way, I think we'll all benefit by more decentralized tools improving the world.
I'll potentially be back after I watch STEEM price bottom in 6 months below $0.50, and see how the SMT vision is progressing.
There will be lots of time and opportunity to re-invest in STEEM in 2018, if any part or all of the SMT vision turns out to be real.