I think your worries are warranted. Distribution of votes tend to go to what promotes Steemit rather than just awesome content.

I feel successful writers should be rewarded... but there are also a great deal of awesome writings I have come across which deserve a lot of attention and have gotten none.

Some of my best writings just got a few bucks or pennies. I must admit it has incentivised me to not write as much... but Im not at point of leaving. I can see how others can lose faith.

They are working on this and I am sure that many more checks and balances are in the works. Its still Beta so its important that people speak up about what they want and the concerns they have. I still have faith.