The steem "social contract", whatever it is, hasn't been defined in any way.

It hasn't been explicitly defined by still it exits. Lack of censorship on the Steem blockchain is the best example. Has this aspect been formally defined?

Steem is not meant to spend funds just on anything the shareholders want. The part of the social contract that matters in this case, has been clearly described in the whitepaper: Steem is a mechanism which constantly redistributes funds from those who contribute less to the system to those who contribute more.

@jonnybitcoin's post clearly does not meet this criteria - he just asks for money without even trying to contribute anything to Steem. He is just making use of the fact that some Steem whales are BitShares shareholders.

But I have to admit this: it's not really @jonnybitcoin's fault. He is free to post anything he wants. The fault lies with those who upvoted it in an attempt to suck money out of Steem into their private investment which is unrelated to Steem.