The glaring difference between Steem and Tesla is leadership. Just like @fiveboringgames said in his comment, smart investors invest in people more so than the specific company or product.

The best products or ideas in the world can be completely screwed up if run by the wrong people, and similarly people like Elon Musk can turn even the craziest or far-fetched idea into reality.

Steem clearly falls in the former category. It's a fantastic product, that was in the right place at the right time, had everything going for it, and was driven into the ground by poor management and leadership.

What Steem needs is not SMTs, or Communities, or NFTs, or any of that stuff. It needs a visionary leader who users and investors believe in to get this platform to where it should be.

The irony of saying that a decentralized system needs a leader is not lost on me, but that doesn't mean it's not the truth.