I think your estimates are on the high side. Even if they're not you're looking at the company that started it, the founder and all the devs that have contributed owning less than 9% of the total supply. I don't think that is unreasonable & is much less than most other projects. I would be concerned if they collectively owned less because I want them to be incentivised.
It does become an issue because of current voter apathy, which could also be a reflection of shareholders being happy for key developers to manage a frequently updated client until the release of 1.0 soon. Many are also waiting for cold storage voting options I believe. Though it's possible voting incentives may be needed at a later stage.
The blockchain's total outgoings are less than $40 000 a month at the moment compared to LTC just above that pays $2.5 million a month to miners in fees. Even maxed out the inflation rate would be far less than Bitcoin and would have to be adding far more value than miners.
http://bitsharesblocks.com/delegatesThe delegates are all very transparent and there would be a community uproar and BTS value loss if there were shenanigans/favouritism so I expect the market to keep the system in check during this period where I agree they collectively can carry a lot of voting influence.