I think it does have a lot to do with the 'money making' aspect of steemit.
In theory it should work out for the greater good - in the end. When the platform gains more traction has appeal to more people than the ones who are interested in making some easy cryptocash.
But at the same time it's very much like democracy. In theory it works. Are people intelligent enough to grab the reigns and actually work towards the goal of greater good?
Who knows what will happen in the case of steemit.
I like the idea and hope it will succeed.
Thanks for the comment. I agree that (and hope) this model will work itself out in the end. As an HCI person, this is a very interesting platform!