I am having some of the same doubts as you but for different reasons. I couldn't see anything wrong with Steemit in the early days because I was blinded by all the stardust. What I see as the main issue is different from you because I am not an investor of money, but an investor of time. We are similar though because I have invested a lot. I see the central issue is that this is a centralized system, with rewards flowing to those who mostly do not question or critique things concerning steemit. The fact that some of my posts are getting flagged by a number of powerful whales is cause for concern. I see the negative effects of this as follows in our minds: "If I have real concerns, doubts or critical thoughts about Steemit, I will get flagged, most likely., Therefore, if I remain quiet, like a sheep, then I will get rewards. If I am my most honest self, full of insights and critical thoughts, I will not be rewarded."
This type of system is flawed because rewards and influence are not responsible for generating income and rewards. This is not the attention economy, this is a centralized power economy. The divide between haves and have nots is so wide that it creates a hugely imbalanced environment. This is the central issue that needs to be redesigned. Currently, I am among the top 5 as far as follower numbers and have the highest reputation. One of my most critical pieces was flagged to death, from around $500 to $0 by a handful of whales. So, even though I have more followers than the whales who flagged me, I was stripped of rewards by them. This is a bad design. I see this as potentially the most damaging thing that is driving users away from Steemit. This is a negative landscape and even I have felt degraded, upset and also afraid to be myself here. If people feel uncomfortable, they leave. Steemit needs to make people feel good for expressing their true concerns, not bad about their honest feelings. If this warring type atmosphere doesn't change, I don't see good things in the future. It's definitely ruining the party for many, myself included.