This doesn't change the fact that a large amount of Steem is on exchanges and is being traded as a mechanism to get a return like almost all cryptos.

Yes, but it is also the case that a lot of Steem GOES OUT to exchanges constantly. We killed the bidbots, yes, but there is a massive amount of activity that still goes on for no purposes other than for people to get paid Steem every day so they can dump it.

By my very, very, very rough estimation there is about twice as much Steem going out as there is interest from investors to buy in.

As long as that is going on, the price (and Steem with it) is in for continued pain.

EIP gave us the tools, but we need to be using those tools to direct those Steem rewards where they will do the most good. So far there is still only about 1% downvotes. That's not enough. Too many people are still content to see $10 or $20 or $50 getting milked out in various ways, albeit somewhat different ways than before EIP, and think that "it isn't my problem".

A few active downvoters can't take responsibility for everything. EIP was a step in the right direction, but without more participation, not enough of one.

No one person or even group of people will have the bandwidth to go through every single community and downvote people for no reason

Ugh. That will likely mean even more Steem being milked in hidden ways and places on the platform, and a harder time for the few people who actually care enough to act to actually find it. Maybe that will be good for a few of the various new tokens, but it won't be good for Steem.