This is a common misconception, but the biases that some witnesses have set have never taken effect. The effective price feed is the median feed price of the top 12 witnesses, and they all set to market price of steem. The system is designed to print more SBD the higher the price feed is as well, so in the long term I actually think 1$ SBD is the future (there are probably going to be some pumps before that settles though).

Having a peg is a useful property, if reliable. So I can see why witnesses are in a hurry to do it. But it has to be done responsibly.... It's a tricky situation.