Is some photo without any written content bad content?

It depends, does it attract users, investment, attention to Hive? The content is a means to an end, not an end. Stakeholders being a charity that pays for content without a return to stakeholders is a losing proposition.

If stakeholders want to lose money, it may be partially because they are dumb or economically suicidal, and partially because the economic foundations of Hive has not been explained to them. We can work on the latter, but meanwhile those of us who don't want to lose money can also immediately push back by voting differently, including downvoting.