I would not necessarily distrust it; the amount of tokens held by a single organization or individual could potentially cause havoc to the coin/token, but in most cases this won't happen. Steemit Inc. holds a huge amount of Steem, so I guess we are kind of in this situation here. Luckily it will take them 13 weeks to Power Down all of it at least. 

So I can definitely trust such a project, but it will be a bit more difficult to get my trust compared to if this was not the situation.