To be honest, it's not just Steem but few more similar sites which are feeling the chills. But the fact is Facebook has 700 million subscribers, the size of third biggest country (if Facebook was a country) so they already have a huge customer base which will happily try out the new offering. Steem, on the other hand, just crossed one million users so it is barely comparable.
That said, Steem users are some brainy kind too who would not enjoy dumb Facebook posts. So, Steem following may continue considering its unique community. All's not lost!
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Thank you for your comment @oivas
This is an enormous advantage.
Additionally, we need to consider the fact that most of these accounts are inactive. Some people estimate that there are only about 50k active accounts.