I agree very much with your analysis. We need alternatives to the current social media, that are heavily controlled and regulated and use our data without giving us money or controll.
Crypto provides the opportunity to build a true p2p uncontrolled social platform where everyone has controll over their data and may financially benefit. In addition that platform would be free and censorship resistant.
That should be enough to kill twitter and also facebook.
But I fear that steem is not fit to replace twitter.
The reason is the huge influence of the whales. Steem is actually very centralised even though the protocol itself is decentralised. The whales really controll this platform and take their part of the profits.
Instead I would like to see a platform where adds drive the revenue and users remain in controll. Then I think we can finally replace twitter.
As the time progresses I think Steem will get more decentralised. If one media house invests in Steem then others also will invest and that will lead to redistribution of Steem Power.
Also with introduction of SMT next year we can have alternate rewards system as well. That will balance out the the power centres and we will have more distributed power.