I think we focus too much on the price and market value right now instead of what it will be, the economics arent great I agree but we are slolwy starting to redistribute steem and it may not be at the ideal rate but it is moving.
The more users come in, some will stay and remain active, some will sell off and leave and exposure new people to the coin and so it will continue we're only what 3 years in? Hardly much time to consider it a failure. Each currency has its own econonmy and problems and comparing one crypto with another when they don't do the same things is always going to leave you misguided and dissapointed