Providing liquidity is one of pancake's core operations.
Comparatively speaking, farmers have far less power than cake holders.
Continually reducing emissions to BOTH farms and pools makes farming less attractive: -> both pools' & farms' rates drop but cake price increases, thus cake holders win, which is not surprising given they hold the voting power.
How will farmers respond to this, -> why farm cake if it's better to hold cake? -> why farm on pancake if there are better returns elsewhere?
Making LP continually less attractive than simply holding cake could damage the platform.
Cake holders will look out for themselves, I find this reassuring, however I hope that short term greed is not starting to cloud long term sustaibility of the platform.