No, I think you said it correctly. The problem for most people is they see blockchain and Steem as a "programmed system" and so if you can do something, it must be okay. But it isn't that simple. Just because you can find a way to "work the system" doesn't mean that it is "okay" or permissable or beneficial.
Just like corporate tax codes. Many big companies paid lobbyists to write complicated tax codes that they could navigate and benefit from. And it got passed or adopted as law or federal code. This doesn't mean that it is fine for them to pay 50% less tax that a small business, but that is normally the case! They worked the system.
In Steemit, it isn't affected by this lobbyist situation, but Steemit is clearly a community system. And a consensus based system. The upvotes are supposed to show consensus. But when 90% of the posts upvote comes from two accounts, that can't be counted as consensus.
And in fact, it is a common complaint about more whales than these in question. Many times an account or the posts of an account are heavily upvoted by only one or two whales, and some then think that what is happening is wrong. But if it wasn't done this way, then few "rich" people would ever invest in Steem for the purpose of Powering Up. They do it for the increased value or strength of their upvote.