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RE: Are we living in a steem bubble? (Free invite token for the best answer!)
For me the reason is easy, there is simply no real benefit in powering up anymore. Right now when you would start a new account with an investment of <100SP and just make all the quick daily garbage shitposts that get the upvotes (Actifit/steemmonsters/esteem/...) and no engagement you would literally do 10x better compared to investing 10k+ SP and having a genuine blog on Steemit engaging on the platform.
In the end, people just do what's most profitable. When all money goes into steem-engine tokens along with steemmonster cards and such, it sucks the life out of the Steem price as it has just become a coin for making transactions and nothing more.