@benjojo, I am new here. I dont know much about steemit.inc other than that they run this website and perhaps could have enormous quantity of steems ( as I understand from your abv blog).
But guess the questions are pertinent and I will keep an eye open here.
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There is not necessarily anything wrong with the present situation. The success of the steem blockchain relies greatly on steemit.inc at the moment and they naturally are entitled to a massive stake. The issue comes if the original purpose of that stake becomes forgotten and nothing is done to address the potential issues it causes in the future. The more successful steem becomes, the greater the issue and the more likely a conflict of interest will arise. That's my take anyway.