Not sure I can share anything meaningful without it turning into a dissertation, but let me see if I can cook up an "elevator speech" version!
Part the 1st: Steem/Steemit has major support in the Korean market; specifically centralized exchanges in Korea and Asia, in general. It was a demographic that was largely cut out of Hive as a result of the fork. Tons of content on Steemit is published in Korean. And Chinese. On any given day, the trading volume of Steem is about 2-3x the trading volume of Hive.
Part the 2nd: "Decentralization" is not something that matters to most people, especially general content creators. So we're basically proud of something that's actually very niche, as far as the greater world is concerned.
Part the 3rd: Hive seems to increasingly be heading down the road of becoming a "utility token." That is, it gradually becomes less about Hive and more about stuff ON Hive. Utility tokens aren't that "sexy." Unless Hive can scale up towards being another Ethereum, or BNB, or Tron (Yes, I just said Tron) that have huge numbers of dApps running, I doubt the price will move very much.
Part the 4th: My impression is that Steem/Steemit runs on a fair bit of hopium now. Justin Sun and the Tron Foundation have all but entirely divested themselves of their interest in the Steem blockchain. Steem is back to running independent witnesses, rather than appointed sock puppets. It seems like a new kind of community — mostly Asian and Spanish speaking Central/South American — has risen in place of what once was there.
All that said, Hive is definitely undervalued, while I'd say Steem is probably close to "fair value."
I fear perhaps the Hive "persona" has gotten a little myopic and too proud of things that don't really matter to the crowd that could actually help it take off and grow. Our precious "fund" isn't invested in such things as having full time exchange liaisons and PR people to just pound the streets with press releases and a *"system blog" that gathers and outlines every new development happening on Hive. Instead, we're developing "new stuff" that largely get presented to... OURSELVES.
Splinterlands' success came from its enormous external reach, and from the fact that you could grab your Visa debit card, and BINGO you had entry to the game... OH! And a Hive account, to boot. Ease of access.
I'm going to stop now, because this is the point at which I start slamming my head on the keyboard, and it's not pretty!
Of course, all this is just my opinion!