I understand that perspective, it will be true if and only if the value of the Steem asset will be the investors' funds locked on the platform as SP or something else... but the reason for any investor to buy Steem is because of the user base that is incentivized to join and stay on the platform.
Why would any be interested in that? I dunno, it depends on the characteristic of the business... mostly advertisement revenues, AI training, big data gathering and analysis, and many other profitable initiatives can be created from the user base. Therefore, as far as I understood when reading the Steem whitepaper and the SMT whitepaper this platform needs to properly incentivize new users to enroll themselves on it.
Thank you for your time :)