I love the short explanations. So:
A crowd is stupid when the social environment prevent people to take individual decisions, prevent people to take their responsibility of the results from their decisions. This responsibility is taken by something we call Center - institution, dictation, regime etc.
A crowd wisdom we have where the environment give the opposite. Freedom to use all your potential to live your live your own life, not other life.
I have the feeling that the steemit is something in between. There are some rules that makes the crowd to do stupid things in terms of goals. Some people write high quality content and are rewarded for that, but what if one of these persons write something stupid ... shall all of their followers not to upvote. Of course not. Everybody will vote. Especially the bots (program & human). We see now that a huge part of the users vote for the voting, but not for something that they've learned.
I see this as a crisis. Social crisis. The Art of Building Social Pyramids or Between The Crowd Stupidity and The Crowd Wisdom. Maybe it's part of growing up. Steemit is a child and wants to grow up.