The people that are supposed to mind are people using SBDs to trade for goods and services.
...
But that economy doesn't exist, we're stuck in the world where the primary use of crypto coins is speculation or trading for other crypto coins.

I agree on both points. I'd like to see the SBD recover its peg and have the value appreciation happen on the STEEM side, but I suspect that's an unpopular opinion, so this algorithm focuses on the latter and makes no attempt to adjust the former.