Some people think there will be problems, but I personally think STEEM is specific to social media while EOS is generic which means STEEM will have more tooling, infrastructure, and support specific to the needs of media companies and their developers. I think there is plenty of room for both. I still use both Facebook and Twitter, even though I have Steemit. I think it'll be similar if EOS launches a Steemit competitor. STEEM has quite a big head start though.
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I've thought about it too.
Steem won't be so contained in the social media / blogging realm with the launch of SMTs, however EOS seems that will have support for more complex decentralized and parallelized programming, rather than the possibility to create your own token on the blockchain.
For me that is the distinction that should count tremendously regarding the direction each will go, and they might choose to go separate ways, although of course they might not, and that would be a shame, for the potential of both.