I think you've inadvertently identified one of the key problems with incentive-fueled democratic systems. The simple question behind this is - what is money and what is its purpose. I think money is defined by 3 things: 1) you give it, 2) you get it, and 3) it has the ability to move value in space and/or in time (like a container). Anything that can carry value like that and that you are willing to give to others (for a reason/utility) and that others are willing to accept (for its value) is money. Be it Fiat or crypto. But here is the thing - crypto is more than that. It offers other functionalities that make it money+. plus what? Well, that's the 64,000 $ question :) If it were only money - same as Fiat - the problem would have been very clear - a strong enough currency in a community will become translatable to power - as has happened in the US for example. This type of "Democracy" that is in fact an oligopoly needs to be restrained by powerful checks and balances - and those hardly ever provide full cover. In the case of steemit - and I, as you know am a total noob, so trying to tread carefully - the token mechanisms are trying to do several things at the same time: provide compensation, encourage participation, reflect true value being generated on the platform by its users and probably more. This creates a fairly complex structure that is difficult to balance. So what is the steem token (with its different phases and transformations) - is it simple money? Is it an interaction facilitation mechanism? Is it a tool for "social mobility?"
My 2 cents:

1. I would invest in the identification of potential "conflict of interests" - cases in which one user may have a strong incentive to promote not based on PoB.
2. I would separate different types of activities and limit the influence that more powerful users have. Probably with a function that tapers off - so at first doubling your power will double your influence, but as you get more power that effect diminishes.
3. I would revisit the basic question of why do we have tokens - what is their function and purpose and how do we make sure they perform it. Some tokens have a balance keeping job while others are pure remuneration for investing brain power. In fact, I should have started with #3 - as it will sketch a map of where the platform may need corrections.
   Dang - already too long and the reply edit box is tiny :) -
   thanks for making me think about this
   Goodstuff and Goodnight