I agree that having that much power in the hands of so few, is never a good thing, but if I am not mistaken, it is part of the design that this dreadful imbalance is to become less of a factor over time. What we hope for is that the currently powerful use that power in a beneficial way, and I know that not all are. Instead of damning the design, which is imperfect of course but evolving, we should work on changing the behavior of the powerful, so more do the right thing.
And by "the right thing" I mean upvoting this post .. and as many as possible, all day everyday.