Yes, you are very right about it. I wrote about it in the past and many other did.
Steemit is just a projection of greedy capitalism. It is owned by greedy cryptocapitalists and investors. It has nepotisim, sycophancy and social stratification just like current social system.
That's one of the reasons I got upset 6 months ago and left for half a year. I've come back now due to monetary reasons.