A free market capitalist society (of which Steem is a microcosm of) will always end up with a 1% individuals having more control than the bottom 50%.

I don't see how it should be changed, or if a change is a good idea.

Can't really say it's centralized because who owns the most stake is still fundamentally meritocratic. It's possible to own more stake than the @freedom account, even if that means wiping out Steem's trading volume for an entire day.