And what market is there for those 70 other coins that have higher marketcap than STEEM (besides BTC, ETH and few others of course). 90% of them don't even have a working product.

Anyway, you partially right (because there's always speculation, dapps need STEEM to run their services etc.) but it doesn't mean that it won't change in the future. In my opinion we need we need some proper ads system so content creators can use their blogs and reach to monetize their blogs. All paid in STEEM of course.