Yes, I would agree with that, but, at the same time, isn't that true of most things?
I guesss it depends on your expectations. I can see that steemit as a potential income earning blogging platform might have been disappointing. However, part of the value for me has come from the opportunuty to learn about cryptocurrencies and where the world is going. There are problems, but there have been problems in every online community I've ever joined, ever, and this community is better equipped to find ways of resolving those, largely because the means to do so is in their own hands. I tend to follow a path of enlightened self-interest, keeping a weather eye on developments, acting when necessary, and meanwhile, getting on with my own path. I've had a lot of value from steemit, not because of the earnings, but because of the communities that I've had access to and the wealth they create - network capital, I suppose.
SMTs and the opportunity to tokenise wordpress blogs are an interesting development. I guess steemit is the engine oil that keeps it all lubricated and people in touch with each other. For the moment, anyway.