You're right, Steem will go through some of the same problems Google did and they will have to deal with how to handle it.

I've been doing SEO and the problem, as you also elude to, is that what works or what is allowed right now is somewhat unofficially "sanctioned" by Steem because they're not blocking it. People will use any and all allowed tactics to increase Steem Power and their earnings until the hole is plugged.

What should ultimately prevail is great content. Rules and stops should be put in place to make sure that great content always rises to the top.

And maybe it can be done better than how Google is doing it! :-)