IF all the hp voted, very few people would be getting rewards.
https://peakd.com/utopian-io/@paulag/the-impact-of-unused-steempower-on-the-rewards-pool-blockchain-business-intelligence
So, there is restraint being exercised.
The real question is who holds the hive on the exchanges, at this point, I'm not sure that number exceeds 5, most of which are arbitrage bots and hold less than 20%.
Should that hive get powered up the power structure would look even worse.