It means that they have set themselves up an overbroad trademark holding.

Now, this is just a trademark which only tells us that block.one want to create a set of software which does these things and they want to use their own trademark on it, which is fine. Even reasonable.

Also, it means that Steem might have some sort of competitor backed by some real money, which would be nice. Assuming and only if they actually get a couple of real social media platform designers on board. If not, then it will be as much a threat as Minds is, which it seems to have turned out – not very much at all.