I would totally agree with that, with a small difference. Steem is designed to produce content, which has measurable value in FIAT, other cryptos, or anything else that has value if you like. The problem of the ecosystem, is that not much value (content) is produced apart from steemit related content. That's the thin line between ponzi, or even MLM. If we attract professional communities here with credible content to produce that has a real value. If we only produce "How to earn more steem"-alike content, it's basically MLM derived scheme.
As for the compression of blockchain vs traditional systems, I would have to say, technically, even traditional systems are "blockchain". A relational database, which is a core and a heart of every transactional system is nothing more then a chain of interconnected data blocks. The only thing where blockchain makes a move, is creating a distributed database, with it's own way of "consensus", which is known for decades in information science as ACID compliance (Atomicity, Consistency, Isolation and Durability). Or to cite probably the first and most important definition in data science, - Data becomes information through the process of defining, structuring and interconnecting.
From the point of information science, it's nothing new, just an evolution of distributed computing principles. And definitely not something that is not "already in use" in another (centralized) form.
Think of it as a distributed database and it's no mistake. What's actually new invention, is consensus system that provides consistency and accuracy. Error correction algorithms was significant problems in every distributing computing effort since it's early days. Just take a look at forking issue we had with Gridcoin. It's the consensus system and error correction that's an actual invention - not the blockchain :) (looking form the scientific point).
"The problem of the ecosystem, is that not much value (content) is produced apart from steemit related content."
That says it all about Steem. I'm only on for Gridcoin, which is of little more than academic interest and for the classical music content that I stumbled across. :-)