I tried to come up with one reason why the current SBD price is not good for the STEEM ecosystem. It's really hard to come up with something sensible. It is possible that the high price SBD will create false expectations and after the price drop many platform users will leave it. One would think that the high price of SBD unnaturally drives up the price of STEEM. However, this last reason is verified by the market, everything is growing and STEEM is growing too.

New exchanges wont help STEEM

When currencies are added to a new stock exchange, their value usually increases, sometimes they grow at high speed. The amount of liquid STEEM is very small compared to STEEM power, so the possible addition to new STEEM or SBD exchanges may cause an unnatural increase in the price not related to the number of platform users. Higher STEEM price means fewer people who can afford it and a smaller amount of STEEM generated in relation to the value of a post in dollars. Constantly rising steem is good only for the oldest users of the platform, or those who by buying votes or connections can get a lot, many worth votes.

STEEM is decentralized network but STEEM POWER is highly centralized

Despite the fact that the blockchain technology thanks to which STEEM operates is based decentralization of system nodes (in STEEM we have dPOS so it works a little differently) the most important foundation of STEEM blockchian STEEM POWER is centralized in terms of the number of people who own it most.

Your vote counts

The natural thing is that some people, the most active or the most appreciated after some time, mean more to the system, which is why their voice should be worth more. However, the existing disproportion is too large. Looking at the sections HOT and TRENDING it is easy to notice that there are still the same people there and it does not result from the fact that their posts pass a lot of interesting and valuable content mainly due to the fact that people who have high voting power vote only on friends or other people who also have alot VP. And these are not my guesses, once I wanted to get an answer from one of the users why he gave such a big vote for a certain post, which was just an advertisement. He replied, "I have him on STEEMVOTER"
Also, the content browsing system does not currently allow its effective filtering, and this is something that developers of steemit and other systems should focus on in the near future.