While you raise legitimate issues, the hyperbole and use of the term "bankruptcy" and "economic flate earthers" is both incorrect and unhelpful.

Hive is not a company nor legal person so it is IMPOSSIBLE for it to be bankrupt.

While ever the amount paid to top 20 witnesses is more than the small cost of running a witness node (can be done on a very cheap computer drawing little power) then Hive will continue.

Top 20 witnesses are still earning $685 a month!

The deflation of the cost of compute required to run a Hive node is more than the inflation of the amount of Hive and the current Hive price is around 100x the base cost level of running a Hive node.

Hive is NOT a business. It is NOT a company.

It is a community and a lot of people posting (including myself) don't care about the rewards or the price.

Indeed the purpose of the rewards for posting is NOT to allow creators to earn money!
The purpose is to distribute the Hive token widely to intelligent, committed people under the concept of "Proof of Brain".

Hive is just a great place to post content where you fully own it, it is backed up hundreds of times all over the world and can't be censored.
It is also an excellent permissionless & cheap backend database for developers.

The HBD haircut level is NOT bankruptcy and it is foolish to suggest that it is.

The Haircut price keeps dropping as HBD is not created while Hive is.

Also, as the risk of the haircut level approaches, more people will convert HBD to Hive which then reduces the haircut price by decreasing the amount of HBD (debt) and increasing the amount of Hive (collateral).
While some may sell their Hive creating price pressure, many may retain the Hive hoping for a bounce.

Even if Hive stays below the haircut level for an extended period the blockchain will continue to function for both blogging and developers and games etc.

So this chicken little approach is not justified and allows the dismissal of your legitimate concerns.