I fully agree that steem and blockchain in general is an anarcho capitalist experiment. It is fully voluntary and almost free of regulation.
Where is disagree is the conclusions you draw. I think you judge the experiment before it is finished.

Yes, in steem there are wales that have a lot of power. But we, the users, do not have to accept that. Nobody can force us to stay. So when we find or create something better we just move there. Then the big whales can upvote each other for all they want, but without mass support the steem they generate is exactly worthless.

In the short run, the wales benefit since they are promoting a new product that did not exist before and early adopters have made it what it is, so they deserve some rewards. But if the whales want to benefit in the long run they have to create fair incentives! And honestly I can not see that happen under the steem protocol.

So I think that this is an experiment in anarcho-capitalism and it will show that conditions in which a few whales have massive control will not be able to survive in free competition.
My prediction is that for the coming few years steem is supported by an influx of new users and then will collapse and people migrate towards competitors with better protocols.