I mostly agree. It is very hard to build a user base to compete with a very successful (top 10?) web site. It probably isn't going to happen.
You are underestimating the lust for money of the people in 3rd world countries. These people who work hard in a sweatshop for 10 cents/hour, certainly welcome a social media platform where they can at least make 1 $/hour with much less work and more fun.
Even if the payout / article is lowered to a low level, there will be many people interested from 3rd world countries.
In fact if you look at Steemit today, most users are from 3rd world countries: India, Philippines, Indonesia, China, and so on...