My argument is that Steem being the exclusive backing for Steem Dollars is why the peg couldn't hold. It was based entirely on the assumption that Steem itself could hold value without anything backing Steem. Maker works because there is multi collateral which is set to back it so it's not like Maker Dai is going to be backed exclusively by Maker tokens.

And this is basic derivatives. You don't really need 2:1 to hold a peg. You just need a better underlying asset. For example if you used actual USD to back BitUSD then it would hold the peg. Because BitUSD was backed by BTS is like trying to build a house on a shaky foundation. So my suggestion is build the house on as stable of a foundation as you can (which isn't really going to be USD elusively) and if you want to see how to do it right just look at the Libra whitepaper which explains exactly the right way.

tldr
My argument is not in favor of sticking with SBD 1.0. My argument is in favor of scrapping SBD 1.0 and replacing it with SBD 2.0. SBD 1.0 has failed and needs to be replaced or upgraded. In my opinion the better way of doing it is in my post here: https://steemit.com/steem/@dana-edwards/fix-upgrade-the-steem-dollar-toward-a-proposal

Back SBD 2.0 with stable SMTs. Stable SMTs can be created relatively easily and even Tether could launch an SMT and we'd have one. The logic behind the pseudo code would be for every 1 SBD 2.0 token created, X amount in Y percentage of stable SMTs must be locked as collateral to be redeemed in a process which destroys the SBD 2.0 created.

Reference
https://www.openlibra.io/