I am not entirely sure that is mathematically accurate.
Were rewards to be distributed more widely, more people would stay. Last I checked Steemit has ~10% YOY retention rate, meaning 90% of new accounts are abandoned within the first year.
Steem tokens gain value by being used by many people. Those massive stakes mining the rewards pool aren't contributing to the price of Steem rising by broadening the market. Instead they're decreasing the rewards creators receive by profiting from voteselling, which decreases the encouragement creators receive to continue to post and receive Steem. This fails to increase the market for Steem, thereby reducing capital gains, which BTC showed last year can return far more to investors than rewards mining.
There is risk that Steem might not appreciate anyway, and the ROI from delegations and self-votes is assured. Cash is king, so that's how whales generate ROI. That's not investment, as investment depends on risk. It's profiteering.
It is noteworthy that AFAIK only Steem permits investors to generate ROI other than through price appreciation and capital gains. I believe this is depressing the price of Steem by discouraging creators such that almost all of them bail, instead of sticking to it and generating utility for the token and thus raising the price.
The whole two coin nonsense also further discourages investors from places where the trading of these (almost a requirement to retain initial investment in the recent market conditions) incurs huge tax liabilities. Just get rid of SBD and streamline the coin creation process and make holding more attractive. Most of what is being discussed here are moot points because of the crippling faults of the system that have not and will not be dealt with. Most people run the fuck away from top-heavy structures that look like pyramid schemes.