'A lot of expectation is priced in.' This is the most sound comment here. The valuation of steem can only be based upon steemit as this is the only current outlet where the currency has any application. The fact that less than 400 accounts hold 90% is an important situation. No equity would get through an IPO (were there such a thing) on such a stat.
Stickability of subscribers is a critical stat in Social Media as well - I would have to endorse your assessment that the valuation on current pricing is inflated.