I see two main problems:
Steem Inc owns about 40% of all Steem. It was always known to be an unfair and risky situation. But it was a hypothetical concern until now. Today however, we have seen it being used for questionable purposes.
The rich keep getting richer syndrome. Since the way new steem is distributed is controlled by those who own more steem, sooner or later this power is going to be misused. And it's already happening at a phenomenal rate. All it takes is a few bad whales to game the system.
Today's incident and the lack of technical updates from SteemIt have made me lose a lot of my faith in the future of this platform.
I am looking forward to third gen crypto solutions, with apps built on top of executable crypto contracts, such as EOS and Status.im. What is needed is a system that can host a zero-sum game. And, of course, a large following of people, without which even a good system can't become a "social" network.