Censorship is much better on Steemit than other platforms I have been on. I have had words blanked out or entire post vanish. The only thing I have seen on Steemit is a situation where a person with a SP of over 2500 and a Reputation of (63) goes around down voting people like Stefan Molyneux who dare to say the "Earth is Round". With that much SP and Reputation one down vote from him will cause comments to be hidden and limits the amount of payout.
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Its an interesting idea you raise. Yes there is an ability on the part of whales to alter the effectiveness of content to some degree. But I think for the moment, most of these people have the platforms best interest at heart.