RE: What's The Point of the SBD Peg?
The answer is commerce.
Merchants who sell products don't want to have to worry about their earnings getting cut in half because the price of the currency in which they were paid dropped overnight, or worry about all the difficultly involved in exchanging one currency for another one that's more stable.
Additionally, consumers don't want to (and shouldn't) spend a currency that is expected to increase in value - which we all hope STEEM will.
So a pegged token is great for commerce, and as other people have commented already - there's absolutely no need to have two tokens here (Steem is already confusing enough) - so if SBD will not be pegged then it's really no different than STEEM and we should just get rid of it.
HOWEVER - real commerce on the Steem blockchain is very far off, and the high market price of SBD means authors on the platform are getting a lot more money which helps growth and retention which is what we really need right now.
So, all in all, it's an odd and unintended situation, but it is good for the platform right now. It will eventually go back to $1 over time as the supply keeps increasing (which is why I always sell my SBD for STEEM right away) and at that point I expect the peg to be restored.
Stability could be achieved at a higher number than $1 guaranteeing the best of both worlds... I dont want a $1 SBD number... I would make no money :D
The only reason you're making extra money from high SBD prices is that the Steem blockchain is still printing it under the assumption that it is worth $1. If it were to be pegged at a higher value then the blockchain code would be updated to print it at that new value so you would make the exact same amount of money in that scenario as if it were worth $1.
Ok, then I'm against the peg :D