Decentralization is a powerful mechanism, especially when coupled with finance.
Which even the Hive blockchain does not have, to be honest.
Ask yourself. What is happening? As I see, a few whales can control the reward distribution. They can downvote anyone's post to $0. Even a single whale can downvote a post of a minnow to zero. And many of the small account focus on the trending section, which is usually full of whales. They fight for their attention in the hope that they get an upvote from a bigger account. The end result is that a few people earn dozens (or even hundreds) of dollars with a single post, while most people earn cents (or rarely a few dollars) with their posts. Many people's posts do not even reach the payout treshold ($0.02). Most of them do not even try to work together. They focus on getting the attention of the whales.
Is this real and true decentralization? I highly doubt it. Everything is centralized aroud the whales. And this is true for every stake based system.