You are right, but first, we have to get beyond treating Steem as an investment. As long as it's treated like an investment, people will try to hoard it.
A second problem is that we get stuck in a rut. There are very creative people on Steemit, but some of the current whales are shutting down that creativity, because they disagree with the rewards that people are getting.
SMT's might get around that problem. But then you'd have a small supply of those and people would be tempted to sit on them.
How would you get around that?