Hilariously, one of the central appeals of the blockchain and decentralization is to incentivize good behavior in the face of these tendencies. Hard to say what the long term will look like because we are just starting to form coalitions to target bad behavior, all working in the current system. It's a simple system with complex dynamics. But if we cannot curb obviously bad behavior, where the measure of badness is proxied by the steem price somewhat, we need to change the rules and agree on the change. If the bad actors have made it all the way to the top, then we are kind of screwed.

Another rambling thought... At some point these bad actors will jump ship because they know they are behaving badly and how it affects the price. A new governance could form at that time to recover. But will it be too late in terms of winning the blockchain social media wars? Time will tell...