If the whole community can't regulate 2 accounts, what kind of decentralization are we talking about

I think this picks up on a really important distinction. The structure of the steem ecosystem might be decentralised, but the power is extremely centralised and concentrated. (There's a whole political rant I could go into about what this says about the 'voluntaryism' that some people here are such a fan of, but that's a post for another day.)

Without serious structural change, the only hope I can see is that if active membership is high enough, and enough minnows get together and act in unison, they can demonetise whale posts and push their chosen witnesses higher - even of they cannot always drop a whale's reputation.