I would have to say you are correct. We see that with the tribes and, certainly, will see it when SMTs come out.

The few early adopters are able to amass tokens easily and quickly. As more people enter the ecosystem, things get a bit tougher. At some point, the early adopters sell, in this case Steemit Inc, enabling the tokens to be distributed to other people . This pushed the tokens further out from the centralized base.

The numbers over the past couple years prove this. Give it another 3 years and things will look radically different.