I don't think any change to the economics of steem distribution will have that much of an effect in a positive or negative way on the demand for SP.

The only way to further increase the demand for SP (IMO) is to build out a much more mature and investment worthy ecosystem which surrounds STEEM. There are a variety of projects who are attempting to do that, however it remains to be seen if they will be successful or not.

The only comfort one can take is that the crypto space for as "fast" as it moves. Has proven to actually move at a snails pace when it comes to overall adoption.

At this current stage, I do not see too many reasons to buy steem. The coming HF won't change that, but it also won't really make it any worse overall (IMO of course).