shouldn't the cream rise to the top?

I agree completely, and just to adjust my statement: It's not that I have anything against steemit as a platform for self-promotion, but you can tell that there are a lot of people coming on here with the mindset of capitalizing on the platform without actively contributing to the community. The whole circle-jerk culture of "Follow me; I follow you" is going to ruin the quality around here and I find myself having to slap my hand away from flagging posters like this. It's the same in real life, I find these mediocre "musicians" and DJ's patting each other on the back for releasing anything or playing any show. Celebrating each other's existence without criticizing the art that's created and the means by which it is distributed and appreciated.

I hope that this (and other similar platforms) takes off, but in the current state it is not possible to earn an income off of posting your own music to steemit.
As is, the platform is not suited to "new release" type posts which aim to make money. It is first and foremost a blog, so if I were looking to punt my own music on here, I'd start by writing a weekly (or even daily, provided I had the time and content) post on the production schedule, recording techniques, inspiration behind the music, interact with the audience and possibly include them in the music in some way. This approach would be the accompaniment to a crowd-funding page with donation incentives and pre-order bonuses for the final product. A lot of artists all over the world are doing this and it's helping people connect with their market in a much more personal way than before (meet-and-greets before concerts, letters/emails, etc.) but with the inclusion of the investor into the creative process there is a tacit obligation to cater to their desires and therefore the possibility for the art to be compromised by the involvement of money before the art's completion.

Some people that have had some success in the old system in Nashville have hung up the guitar in trade for a taxi license!

This is always sad to see, along with the burnouts that "retire" into music retail stores.
The industry is transforming and right now there seems to be a clash between "the old way" and the streaming industry. Both methods have taken the money away from those deserving. I have been saving up this angst for a series of posts about the history and development of the global music industry so thanks for getting the ire flowing—makes for great inspiration!

Just got home so I'm gonna check out your page now :)