I think this is true in the short-term. In the long-term I think Steemit can still keep this scheme working. Look at facebook. It is a company making tons of money. It is one of the biggest company in the world. But it keeps all its gains for itself. Imagine what would happen if part of this money is distributed over its users ? ... That's what Steemit can become.
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I really, really hope so. That Steemit redistributes some of the wealth.
If not, the problem with inequality is it can have a runaway effect. If uncontrolled, we could lead to a situation where 1 whale holds more influence than a million other minnows. I discussed this a bit here: https://steemit.com/steemit/@liberosist/steemit-s-achilles-heel-rampant-inequality