I think Steemit is much more than that.  The introduction of other Dapps like Tasteem, Let's Eat, Steepshot, esteem, steemhunt and countless others are proof that the Steem blockchain is alive and well even if the price of STEEM doesn't reflect that.  I do think the quality of posts has declined from what it used to be and what I expected it to be when I started on Steemit.  The good stuff is still there though if you look for it.