Totally agree. On the other hand, the way any investment goes, there is a time when "easy money" is gone. The early adopters (like presell ETH buyers), made nice profits for their efforts. Later investors made out nicely, but not the 1000x that they could have.
We can't expect to be where those who arrived at the beginning are. And as the project grows, so will the competition. Except for those who already have large followings and can really hit the ground running, becoming a whale will become more and more difficult.
That's just life. I sure wish I had arrived a lot earlier. But, on the other hand, I am really glad I'm here on the beta, and am looking forward to a nice ride. I don't think I can ever be a whale at this point, both because it's harder now and because the bar will be raised over time. But, if Steemit continues to be successful, I do expect to reap a decent reward for my efforts and investment of time, energy and a little BTC.
Addendum - if Steem goes up in value nicely, folks who arrived now and did poorly are going to be super grateful that they were here.