Thanks for not (yet) flagging me - just kidding. :)
Actually, I like your reply and partly agree with you.
Used in an appropriate way, flags are essential for the success of the community.
'Cheap' posts with huge rewards on tranding are a problem, together with the bid bots.
However, I also know that many users have suffered under unjustified whale flaggs, left (or will leave) the platform and spread that information. Even only just watching 'flag wars' (without being involved themselves) is really deterring for (potential) newbies.
What do you think about my suggestion (if interested you may read more in "My STEEM Vision.") to institute a committee of respected users elected by the community and equipped with sufficient delegated STEEM power, which could be called in such cases of flag abuse and then decide whether the flags were justified or not?