I tried it just now, you are right it is not functioning like it is just their for decoration. but upon checking the promoted posts I saw a promoted post just yesterday. I don't know how they do that if the promote button is not functioning. maybe some steemit app have a functioning promote button. I am not sure.
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Good point; other apps could have it working (if it is the event handler on the button that is causing the issue, for example); additionally, I wonder if the mobile app promote button is working still (I don't currently have the app installed) and just the browser based one isn't.