I feel similarly on all counts. There are some legit use cases for decentralisation, but social networking isn't it, or at least not in the way Steem presents it.

As denmarkguy mentions below, the real reason Justin bought Steemit has to be Voice. Tron is EOS' direct competitor, and has thus far been losing that market overall. From what I can tell, it's developing into a bitter rivalry. Tron is winning in gambling dApps though, so Justin has seen an opportunity for gaming/social type apps. No one would have bothered with Steemit - but Tron needs a competitor to Voice, and Steemit is it. I don't know how much he paid for Ned's 51% stake in Steemit Inc, but it's fair to assume it's a negligible sum for Tron.

Yeah, Steem has been mostly a disaster, but it's been a roller-coaster. Curious to see where the future lies. One thing's for sure, it can't be worse than the negligence (or even worse, apathy) we've witnessed from Steemit Inc and... the witnesses. Or could it?