Maybe we're at the point where team owners are smart enough to not pull a Stepien, but based on the Luka trade I doubt it. Also, eliminating the rule only helps in the short term, in the long term teams would be in a similar position to the Bucks or Suns due to trading all of their picks rather than all of their allowed picks
We're definitely not at that point, nowhere close. That's why we have teams like Phoenix now. Or look at the Nets, they screwed up by going all in on Garnett/Pierce, and once they finally dug themselves out of that hole, traded 3 firsts and 4 swaps for James Harden. Brooklyn will still be paying the price for James Harden till the '27 draft, 5 years after he left the team!
But I agree with the rest of what you wrote, I think the problem with the idea in the article Dons posted is that it really only allows teams a one time fix, and then teams will quickly be right back where they are. And if anything it would cause league wide inflation by increasing the supply of tradable picks, you'll just see stars traded for 5-7 picks instead of 3-4 picks + 1-3 swaps.
As an example let's think about this retroactively, if Milwaukee had more picks to trade, they'd have already traded away those picks for Lillard, actually putting them in a worse position (because now they'd have less picks). Or Brooklyn would have traded all their picks away for Harden. This doesn't make teams better, this will just make the gap between the well run teams and the poorly run teams wider.
Besides, teams have already pretty much side-stepped the Stepien rule by adding in swaps.
If this is the route you think the league should go, then the next step (after poorly run teams find themselves in worse positions because now they have no picks) is to change the rule limiting trading draft picks 7 years out. "Think of the help Milwaukee could add to Giannis if they were able to trade away picks 8-12 years out!"
If they did get away with the Stepien rule, I'd want it to go in the other direction. You can trade consecutive picks, but all teams are limited to trading away picks to a max of 5 years out. In the current NBA, once a star leaves his rookie team, they don't tend to last 7 years with the next team that trades for them. Chris Paul, Kawhi, Durant, Harden, Westbrook, Paul George, Kevin Garnett, Anthony Davis, Jimmy Butler, Tracy McGrady, Dwight Howard, Kyrie Irving, Deron Williams, Chris Webber, Shaq, Allen Iverson, etc. I'm sure there's some All-Stars that stuck around, but Kevin Love (8 1/2 years in CLE) is the only one I can think of right now (SGA will be next year, but he also wasn't a star yet when he was traded, so I'd consider him outside this scope). Not that this would be the only reason, but I feel like the churn on ownership and GMs is at its highest point (google AI tells me the average NBA ownership duration is 12.4 years, while the average GM tenure is 3 seasons), plus that where in the middle of a player empowerment era, I really think the league needs to protect teams from themselves.