I agree with your first two points, but in response to #3, I do recall someone talking about temporarily increasing the APR due to the falling price of SBD to incentivize holding more. I agreed at the time and still do, but it seems the witnesses are sticking to the same price.

Either way, I think the peg will be improved in the future anyway, especially if they change liquidity rewards to reward those who push the internal market in the direction of the peg.