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Perhaps by design? Idk just throwin it out there.

So far a lot is done but the results are not that encouraging. If the whole community can't regulate 2 accounts, what kind of decentralization are we talking about. Censorship can be applied if someone has 10-20-30 Million to spend on SP. It really makes people leave the platform.

Yes, this is by design and I think the creators were hoping that the community will be mature enough to efficiently regulate itself. So far, not good. Will see what happens.

Evil - in the form of greed - will always exist among man. I feel this sometimes to be very true.

If the whole community can't regulate 2 accounts, what kind of decentralization are we talking about

I think this picks up on a really important distinction. The structure of the steem ecosystem might be decentralised, but the power is extremely centralised and concentrated. (There's a whole political rant I could go into about what this says about the 'voluntaryism' that some people here are such a fan of, but that's a post for another day.)

Without serious structural change, the only hope I can see is that if active membership is high enough, and enough minnows get together and act in unison, they can demonetise whale posts and push their chosen witnesses higher - even of they cannot always drop a whale's reputation.

It's not censorship if the data is available to everyone and nobody can stop you from commenting curating or posting. The fact that one account can power up a considerable amount would quadruple the price if it's all done at once, but yes they could spend all their money on being selfish or even worse, shitting on people's work.