I've been here since 2016... and I largely agree with you.

Throughout the existence of steemit user engagement has gone up and down with the price of steem, which is in itself just following the crazy swings of the other crypto's.

And still, after two years, much of the content is about crypto, which no-one is truly interested in.

The way forward is to focus on the social medium aspect, and have the crypto thing as a nice side thingy, the blockchain offers the opportunity to offer a lot of niches to many people but it needs to be worked out.

That being said though, having seen 3 years of this website, it is not dying. The booms are crazy times, but many of the people who where here posting 3 years ago are still here, and many new users come in, but the booms just bring 1000's who come for the crypto, and leave as soon as the bubble bursts.

I wish you good fortune with these observations, and I hope that your vision will come true.