Why you are saying SBD is broken?

First we had a triple in price of steem in satoshi and at the same time a double of price in Bitcoin.
Second we had less payout.

So SBD had a problem keeping up in the biggest bubble (so far lol) of this year.
Yes, that is not good. But is SBD broken?
At the moment it is at 1.36$ - 1/3 down from the 2$ it was.
Wait a week or maybe 2 more and it will be at 1$ if the exchange prices are stable now.

When users start to think in "reward points" (in this case steem tokens) rather than dollars they will become much more engaged.

That is your very subjective interpretation that I very subjectively call Bullshit.