The first thing I think you are getting wrong is that there currently is a system to gain massive wealth easy and that's not the case. It's running on thin margins of profit. And it will only get more competitive.

Yes ideally I get what you say that those with power can influence Steem if they want. But I think most humans are kind hearted so when you empower humans they will strive to do amazing things. That is what I'm seeing. Also this place is run by people so if anything crazy happens it always get's called out fast. So it does regulate itself.

Is the system magical? Perhaps not but it's 10x better than the old system that was used in the world. And that is what people should be focusing on. The free market works better than other systems used in the world. May look at rough on the outside but it's way better than other systems. Risks always exist. Since life itself is risky.