I like your analysis.
But, for me Steem, is still one of the only crypto that really has a product to sell (i.e the Steem blog posts).
Moreover, this gives Steem a huge community that is growing more and more (+20,000 accounts each month currently). Community is important as we see for Bitcoin (largest community, highest price although not highest capabilities).
So when you say Steem is not for investors... It is hard to believe for me.

If its not for investors, then I wonder which crypto would be for investors ?