If it isnt an issue in reality, then what is the downside for doing it? It will have tremendous positive PR effects.
Also whales are not prevented from upvoting anyone, the system would just reduce the power. This is already being done based on how many minutes from the initial post, how many others have upvoted, so its not like we are not already tweaking the voting power

There is a real issue of envy. Maybe as a whale you prefer not to see this, but yet it is there. Ask the people who started and then stopped posting on steemit. I imagine the majority will say the unfair payouts. [Yes, I know steemit still pays out more than any other blogging site, but people are strange sometimes]

So, if steemit can say that the entire system is biased so the upvoting flows downstream, this will go a long way toward reducing the envy factor