I agree with your assessment, but I think I'm a little more hopeful (naive?) for the long run. I lurked for about a month, reading articles here and there, and it took me a while to see the long term value. Yes, there is a LOT of "circle jerking" (as you call it), and so many times I see people getting paid $1000+ for a single, poorly written post that does nothing more than reinforce a desire for more money.

However, I joined because the more I got involved, the more potential I saw. I also began to see the smaller communities that have formed, that may not get paid as much as the fanboy posts, but have quality content that is actually curated well (not just by upvotes). I'm thinking right now of the SteemTrail movement.

What I envision is a site where people write about the things they care about, and are passionate about. Things they want to share with others. And I like that you can get paid for it, because it really does take a lot of time to write well and craft something that is valuable and meaningful. I think we're headed that direction, but it sure is messy along the way. (Just watch what comes out in the "New" feed.)

But I'm here for the long term, for what this might become. It might not ever come to fruition, but it's worth the risk to me.