Most people are looking at it from 1 of 2 ways...
Either they have no clue what it is and that it will maintain a peg in dollars.
Or they are looking at it as a hedge play, a way to have a lot of cheap steem if the steem price drops significantly.

In otherwords they think there is a strong possibility of precipitous drop in steem & BTC and they need a place to park some liquidity while the near term future plays itself out, but long term they are long on steem.

Polo traders aren't a dumb bunch. The truly bad traders don't stick around long. When I was in there Steem Dollars were being discussed as a good hedge against general capital outflight from crypto in general. But the order books can get thin and while you can't exactly do a market order, you can tell the system "trade this much BTC for SBD" and most of the bots out there won't bat an eye at clearing the whole order book. Some of the people won't either.