So maybe the solution is a very simple one.
We make the voting weight for everyone equal.
No more whales upvoting each other.
No more whale hunts.
No more power held in just a few hands.

Maybe even turn it around a bit.
The more SP you have, or more rep, the more you get paid, not the more your vote is worth.
So the algorithm works out what value you are to the Steemit community, and those who are of more value get more of the rewards.

So that should make people want to keep more SP and to create more good quality posts.
Not just based on how much SP you have