Welcome and thank you very much for these very pertinent observations. It is very fascinating that you, as a newcomer, are picking up on these topics, which have already filled very extensive discussions, and basically confirming the problems.

The interaction that @httr4life told me about years ago (we are best friends, and he just returned here after six years) that once powered this blockchain has now dwindled considerably to the bare-bones minimum.

Six years ago, I myself was not as active as I am today. I feel I can confirm this from the stories and reports of early users. I sent o1eh yesterday data based on his post, which you also linked to, which I suspect at first glance supports your thesis. I hope he finds the necessary time to work through this and present the results to us.

I would also like to say personally that I myself have also invested. Not only time as a developer and witness, but also money. But - as you can see in my profile - not to delegate this to voting services. What is overlooked by many is that you can also get an increase in value with curation and comments. You can see this at a glance on steemworld.org.
But I don't want to paint a pretty picture. I think you know that there are even more aspects that influence an investment decision.

BTW: Congrats to your choose as curator :-)