It's bad because you are targeting people who are already on Steemit to redistribute Steemit users with some rewards

Steemit supporting steemians to support steemians is a bit pointless and time tested already

This is a "circle-jerk" that has been going on since launch. I get that it's important to talk about things that are important to/for Steem and to support infrastructure and marketing, but constantly funding low-quality efforts to hype the platform...on the platform...and reward people for simply being here is just pissing money down the drain. And you're right - this has been done repeatedly and the results are clear: It does not work.