It can't collapse until a superior alternative comes out. The superior alternative will probably be open source so Steem could just use the best parts of it. I think Steem will be hard to kill. Currently I see zero alternatives.
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Steem can use the best part of plenty ideas but witnesses run the code have to adopt changes to the blockchain protocol. And witnesses haven't been very good keeping us up to date on their positions and getting change to happen on the blockchain through supporting development that is useful to growing the platform. And they'll be resistant to any change that doesn't come from Steemit, Inc.
Who knows how they will act when a fire is under them. Plus, we can always jump ship to EOS right? :D