I think it's not about the tech or that people post tons of shit.

In my opinion it's because of greed and stupidity:

1. Greed: People want to get rich quick, they like pump and dumps so they can feel like the greatest trader or most intelligent person for hodling.

2. Stupidity: People don't care if it's a scammy project (e.g. Bitconnect). Many have $ signs in their eyes and invest in the biggest scams out there.

Steem has a use case and that's Steemit. The content quality is questionable and the implementation supports the already rich and greedy.
But it's a great use case and brings people to blockchain in an easier way.

And it had it's gains regarding the Steem token.

I'm happy to hear more opinions...