I'd be in favor of something like what @lukestokes suggested even now. Bear in mind nothing about creating governance for the repo means that the bulk of the work and decisions wouldn't continue to be made by Steemit employees. Any sensible governance system would vest those authorities and responsibilities with people having the necessary skill, experience, and expertise, and for now that is Steemit employees.

Of course, setting up something like that is a big project, couldn't happen instantly, and would require one or more people to take it on as a significant effort.