Thing is, I doubt many people will buy Steem to power up, when they can just buy SP directly through blocktrades.
So I highly doubt this is what gives Steem value.
I would think advantageous interest on SP holdings would suffice to attract people to buy SP - and I would maintain, even more so, than the less tangible value proposition of influencing user interactions on the platform.
RE: Steem Has a Severe Glitch That Likens It To Reddit, Facebook and Fox News