What Will Happen To The Bots If Steem Drops Under $1?
The big ones get bigger and the small ones go away.
The delegators to the bots get tired of the terrible returns and stop delegating to most of them.
Nothing, the bots stay the same as new players come in and old ones leave.
Smarttokens will replace the need for sbd and a whole new system will emerge
Other, none of the answers listed match what I think will happen.