shrug I am not sure, this is certainly up for debate.

Eventually, we would ask for people to contribute in more than one ways to the chain, governance and curation being two of the most important that a lot of people usually ignore, and they require Hive Power.

Currently, its sort of in a way where if Alice or Bob joins Hive, they'll certainly prefer HBD since they can get 20% no to low risk returns while if they get Hive Power, they'll get at best, 11% overall. So there is no financial incentive to get Hive Power for a lot of people, even if they know governance and curation, they'll still get way less than just holding HBD.

HBD is also something we've been trying to get on exchanges for years at this point, but as far as I know, some legal issues (it being a stablecoin) prevents it a bit.

In an ideal world, I would have similar APRs -- this would mean that if you want, you can technically hold HBD, but if you want to benefit from "other earnings and features" (such as governance and curation) you can opt in for holding HP instead.