Yep. that's why I only stake what I need to use the network and put the rest to work in other areas of the space. This is the BIGGEST problem with proof of stake, period. Saw the same kind of crap in the Cosmos space, and hell, even as a Hive-Engine witness. Few have all the power over the many, and it's a popularity conetst.
This is why I am all in on proof of work from here on pretty much. I even shut down my Hive-Engine witness a couple of weeks ago when losing 2 votes took me from the top 10, where I had been for 3 years or more, down to like 30 something. Not worth paying for the node at that point.