I would say that's the case if Steemit were able to just print it arbitrarily the way the US can print the dollar, but the inflation rate of Steem is limited and planned, and I think the growth of the utility of Steem will outweigh the inflation rate by many orders of magnitude. Utility is why Ethereum is a high price, why Ripple is a high price, and perceived eventual utility is why EOS is a high price. Steem is in the same boat as a token that will have great utility, ESPECIALLY when SMTs come out.

Bitcoin and Litecoin are closer to 'pure cryptocurrencies' and are a high price purely because of popularity and bitcoin because of trust in it as the main, first crypto and the one holding the market up. Those are my thoughts on the matter. :)