I'm not sure your argument is valid.

People who buy HBD are also acquiring more 'stake', are not distributing the token to anyone else, and beating those who back the value of HBD by working.

Content creators can actually earn more if HP was attractive enough that the price of Hive mostly drifted up.

Not making Hive/HP a compelling investment (along side HBD + participation as a creator) can only lead to a spiral downwards for the components which depend on it. That is, HBD total market cap will not be as high, the reward pool will shrink overall, and everyone trying to divide up the slice of the pie in whichever what way will all get less.

I don't see a problem with at the very least, balancing the incentives towards the main token, that is Hive, to enable thriving HBD and Content ecosystems.