There is a bit of that but at the same time it provides a means for whales to monetize their sp without powering down which will mean that since a lot of steem won't be being liquidated there will be less being traded which will raise the price of steem which is good for everyone. It also helps level the playing field for the people just starting out. I see plenty of crap posts making lots of money simply because the user has whale friends who upvote all their posts so there's always ways for people to game the system.
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In other words, we are paying the whale to stay and to be whales? Otherwise, they go and destroy the system? Sounds a bit like the banking system, which we have learned cannot be destroyed because we need it. I.e. pumping trillions of dollars into the system.
I agree, the crappy posts I have seen a lot too.