Yes, you are correct.
The ninjamine is still blowing out the balance of the math, I agree.
But, the only way past this hill is over it.
Or, succumb.

I'd like to see the n2 come back, that can only happen when enough stake is on both sides to keep the balance from getting blown out as you describe.
The n2, and better curation, could come back if 'the whales' respected a vote cap, but greedy folks gotta greed.