I get your point facing the current situation. SBD skyrocketed since it is now conceived as crypto which 'at least' has $1 in value(instead of 1SBD = $1). Plus, we can transfer SBD free of charge. The creators of SBD intended to peg SBD exactly to $1(or around 0.95~1.05 according to the white paper), but they put so much superior features in SBD so that it worths more than that. This leads to the situation in which nobody converts SBD to STEEM on the platform.

However, if we are to incentivize contents creators on Steemit with stable value, we need SBD. But the value of SBD needs to be adjusted to $1. In my opinion, negative interest rate is the only solution. Governors of Steemit(SP holders) must vote for witnesses who propose appropriate interest rate(even it is negative) to maintain the peg.