Then there would be almost no rewards for those that actually create authentic content.

Perhaps, but, if you can, I'd like to see the actual numbers.

I'm kind of a data wonk.

Also, even though the rewards would be smaller, if adoption is accelerated, the market-value of steem would be boosted to compensate.

Nobody's "making a living" on this yet, (even the TOP-EARNERS are only making about $500 USD a month) so it's basically a hobby.

It's extremely discouraging for newbz when they realize that the whole system is geared to force-feed those who are already successful.