Imposible to peg something like SBD to a FIAT value unless there is some smart contract available with collateral, so SBD would in turn need to be created as a smart contract, a great example is the pegged USD asset on the Bitshares exchange (Bit.usd)
Which uses a smart contract and holds BTS as collateral to maintan the price with the slightest of variations being it 1usd-1.05/0.95 bit.usd spread at most.
I agree perfect pegs are almost impossible to achieve - but one can add efficient mechanism to try to approach a peg as well as possible. I reckon the current mechanism for pegging SBD while far from perfect is a good start. It pegs pretty well on the downside. Add some automatic mechanism for SBD emmission when the price increases (to peg on the upside) and see how it goes.
It will already increase the velocity of SBD because people will hoard less (in the hope that it shoots for $10 again) and will spend it more freely.
That is the objective - to have SBD as a currency circulating inside the steem blockchain economy, with a value that people can relate to (~$1). And with "jobs" allowing people to earn SBD and "goods" such as steemmonsters allowing people to spend the earned SBD
I agree, just showing the most efficient way to peg an asset. :D