I'm aware of network effects, but they're outside the scope of this discussion.
I think it's part of the discussion.
If curators were properly compensated for their stake ..
If the value of STEEM will rise, then everybody is compensated very well for his stake! If network effects lead to a higher value of STEEM and more satisfied users contribute to that network effect, then stake holders should do their best to support a rich pool of satisfied users by distributing STEEM!
I really wonder why many big account holders are that fixated on their ROI? If the STEEM price raises significantly again, they will be unbelievable rich anyway, if it doesn't, the ROI also doesn't matter much: they have lost money anyway. I personally would agree not to earn one single more STEEM if that would guarantee a significantly higher STEEM price. Better concentrate on making the cake bigger than on getting a bigger part of a cake which is getting smaller and smaller.
(When I bought BTC I also wasn't asking how much interest I would get ...)
That's why the network effect matters for everybody.