Exactly, one account with high stake can select all block producers and take control over entire network. To do the same with 1 vote system, the attacker would need to buy 20x more stake.

With the current model it is very easy for a small group of people to control the entire network and I think this is one of the main reasons why big investors ignore Hive - soon or later the people in power will have to decide if they want to continue milking the network or make it something more sustainable.