It is pretty interesting considering we have one of the most used blockchains in the world yet, the very people using it do not regard it as good as projects that have literally zero usage other than speculative transactions or like EOS seems to specialize in, gambling applications.

Steem was an idea that has evolved from it's original purpose, for better or for worse. Steem is being speculated as an existing platform, with all of its flaws. That is why it is being valued at its current rate - the platform works, poorly, and the promise of SMTs for close to 2 years, with nearly 0 possibility of them being developed at this time.

Other platforms that are being valued higher are not developed yet, but in a working form, they could be groundbreaking -- Steem had its chance to roll out with the same strength, but Steemit Inc tripped over its own two feet and stopped putting value in the Steemit platform which was its bread and butter. Steem is not dead, but a future platform that can quickly monetize significant value for investors with limited interaction is more appealing to investors than placing their money on a uncertain existing platform that's threatening to tear itself apart.