This seems too close to the truth ;-)

It's a good concept, delivered poorly.

It started as a blockchain project, and as such appealed to blockchain enthusiasts.
But they are few and far between.

Your average content creator doesn't give a rat's bum about blockchain, they just want a good platform, good engagement and to be treated well.

The reason Steemit is going nowhere is because the is no real leadership, no real direction, no driving force. It is being left to grow, or die, organically.

Unfortunately that has allowed the weeds to grow and smother pretty much everything.