I don't think its a solution and a lot of dolphins and whales would find a way around or instantly power down and snapsell their steem, since there are other currencies like dash, where they get "interest" by holding. I would be careful with ignoring that intrinsic value for holders. Solutions have to be based on an algorythm imo and to be discussed with caution. I do agree that the current system is not community-building and minnows have a hard time to gain attention and steem. But there are possibilites to gain influence (lot of booster/minnowsupport/engaging with others). If someones not patient, that one can still invest money into steem which is for the benefit of all.
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If this benefit is removed from the platform I do not necessary see people with a lot of Steem Power powering down to move elsewhere as there are still a lot of options available to earn on the platform besides upvoting your own comments.
However, you are correct that there are other coins that are very attractive that provide other options should people here feel that they aren't being valued or treated well.