I would hesitate to simply state that "STEEM is more valuable than Steemit and all other frontends".

Without developers to develop applications built on STEEM, STEEM is worthless.

I would make the argument that the FRONTENDS and user portals that help to generate USE of STEEM as a currency and to develop applications built on the STEEM blockchain are more valuable than just the STEEM blockchain platform itself.

STEEM is the infrastructure -- yes it is necessary and important, but no VALUE is actually created until people USE the platform, creata applications, or decide to accept STEEM as currency.

Just look at how many worthless blockchain ALTCOINS are out there -- because there are no useful user and developer portals.