Yes, steem does have a good business model. However, because the onboarding is laborious (as it takes much effort and learning compared to other centralized platforms) its growth is slow. Moreover there is competition from Hive, which wasn't there during the last bull run.

I'm only acting on steemit.

Coin Marketplace

STEEM 0.50
TRX 0.09
JST 0.065
BTC 51076.01
ETH 4328.61
BNB 582.27
SBD 6.30