I think stable HBD has value if Hive coin itself is striving. Since that hasn't been the case, HBD hasn't really served its purpose.
I would suggest either removing HBD completely, or removing haircut on HBD.
Ultimately, best case for Hive and HBD would be moving the rewards for content to a different coin like Layer 2 or SMT/HMTs. That would perhaps remove the sell pressure.