I don't think you can write it off yet. It's only a few months old, but has a lot of active users. It's still pretty small though. The price of Steem is a red herring. That will sort itself out if the number of users grows and it becomes more in demand. It only needs a few web celebrities to come on board to make the site go viral.
I just wrote about this today.
https://steemit.com/steemit/@mattclarke/bringing-celebrities-on-board