Yup, pretty much this.
Also, one must remember that Bots and shit-post spam comprised the majority of those statistics shown right up there... Garbage posts don't pay, nothing really does right now, so a mass exodus of shit users isn't much to be concerned over.
RE: Check out this chart highlighting the number of posts and comments on Steemit over the last 8 months:
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Check out this chart highlighting the number of posts and comments on Steemit over the last 8 months: