What quality content means is very subjective. So if for one it represents memes, for another exceptional videos, and for a different guy a long but eloquent post, it's nothing but a matter of opinion.
As for the whales controlling the platform, the facts tell the contrary. The more people join, the less influential whales become. But by comparison to a new unfunded account in a tide of small accounts, a whale is... well... a whale, and it will always be so.
True.. it's all opinions at the end of the day. At least that's how I feel. And you bring up some good points about the whales. As more users come on board their stake becomes somewhat diluted. And we have an opportunity to catchup with them. :)