I wouldn't call this a "free fall"; more like back to reality. When a lot of the content getting up-voted is the same old crypto people that 99% of people don't care about, well it's not exactly executing well on Dan's evil plan for domination since this sort of content is not mainstream and therefor does not attract people who are not crypto-libertarians (which is most of the global society).
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There's little value or appeal in stagnation, ideally there should be more drives for content other than the standard 2-3 featuring authors on botlists and a slew of crypto-circlejerk. Most of the people we want to attracts don't give two shits about that. Steemit needs a stream of new users to create more diversity and liquidity.
I'm not sure how to improve the system, but it sure makes curation boring at times in the current state.