I agree that supply and demand will eventually reach an equilibrium. However the asymmetry in the distribution of Steem Power may push that point in favor of the large accounts at the expense of content producers.
There may be other business cases that are not centered around content production that could greatly benefit from a totally flexible allocation of rewards. In the end this may outweigh the possible negative effects. After all the Steem blockchain can be used for much more than social media or blogging.
That's true enough. The distribution could have a negative influence on where the equilibrium settles. The recent trend in greater whale delegation may reduce the impact of that too though by somewhat equalising the effective vote power distribution.