Steem Power has to be valuable to both small and large stakeholders alike if it's going to take off. The system won't work if power is forever held by a small few, and there's no value in buying small amounts of Steem Power when someone who owns 100 times as much Steem Power than you, gets 10,000 times as much voting influence. In the end the larger stakeholders will be better off with higher valued Steem than more a larger vote in a smaller pool.
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I could go with a more linear incentive plan, if that is the problem. In fact, it would be much more fun for me to acquire more SP if I could see a corresponding linear increase in the monetary value of my upvote, so I'm not protesting that. What I don't like is for the whales (or more accurately, those authors they choose to upvote) to be punished or curtailed for using full or nearly full voting power. Eventually I'd like to be a whale. And I want to be able to vote full strength whenever I want.
Yes, I agree with you there.