Except the many Steemit internal problems you mention (and some more may be), it's a general flaw of all cryptos - they are supposed to have a value in the real world, in US dollar or any other currency that is being used.
That however cannot work if everybody and his dog can create a new crypto currency. This will - and already has -lead into a hyperinflation of crypto currencies.
"Value" cannot simply be created, there needs to be some substance behind it, like a material or a work effort. As long as cryptos are drawing their value only from finding the next greater fool to buy it, we will see may of them disappear.
My thought was that the cultural community could create the necessary consensus. But all the so called business that just adds another layer of abuse is making it hard to create the sense of justice that is necessary.
Well, may be community related trends, as well as technical developements, have some influence on the Steem price. The faith of the community into the future of the Steem blockchain and the Steemit platform play into that. However, the "value finding" happens at the exchanges, based on the actual trading of Steem. Its like the trading with stocks - sometimes a stock is rising even if the company is crap, or vice versa. Its a lot of speculation behind it all. And the good old "I'll be rich one day!"
That is obviously right, but the long time hope is that real value could be established. Depending on investors have been one of the main reasons cryptomoney has flourished, but also one of its greatest weaknesses.