I would argue the opposite, since so many minnows fails it means that Steem is not a get quick rich scheme and only the ones that do real effort will succeed. I see it in a way similar to youtube, starting from 0 is really hard and takes a long time and effort. Most minnows fail because their intend is just to make money which does not work on Steemit, this comes at the cost of the ones who really do effort because it's not that easy to get support when you start from 0.
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But i see so many minnows putting in real efforts and still having nothing. We know it's not a get rich skim but a little encouragement here and there will make most of them work hard and hopeful. Look from my observation thus far here, minnows are among the set of people creating interesting content on this platform. But when the encouragement is not there, most of them may think that the effort is not worth it and give up.