RE: Why are so many “power account” payouts down? And why so drastically?
"...we need a centralized governing body to organize things."
While you made many good points, this considers economics as the only metric of value.
Frankly, that's a ludicrous assumption, and will result in horrifying hegemony, just as it has in the real world.
The real reality is that we need to consider many value streams Steemit provides. If you're only consideration and value you're interested in is financial, communities will provide you a way to focus on that.
I'm greatly looking forward to communities, because I am seeking to minimize mere financial considerations, for far more important values I reckon are becoming existential.
Censorship, and freedom of speech, for example. That's more important than money today. Just ask Tommy Robinson.
The centralization doesn't have to be broad styled like facebook. It can be communities based, which can and does also exist in real life. The issue with the real life versions are how they come to power, keep their power and what they do with the power.
In the steemit world, the total opposite exists. The only hegemon is the SP hegemon that consists mostly of whales. They have it and thus control the rewards to their desire. If you completely destroy the ability to allow hegemons to exist, then you also negate the ability to combat them. But that's not what we are talking about or see here.
What i'm advocating for stronger communities with people willing to put their SP to work, and the best way for that to happen is to have effective community leaders (and delegation).