Kinda like how a $100 bill is worth $100 just because everybody believes it to be so? Exactly. 
The power of bitUSD is that it does not have a fixed supply. The BTSX network "prints" as much bitUSD as is necessary to keep the price of bitUSD below that of fiatUSD, and destroys as much as necessary to keep the price above that of fiatUSD. Hence, the price of bitUSD can be neither above nor below that of fiatUSD.
It's very simple: fixed supply = variable price, and fixed price = variable supply.
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The power of bitUSD is that it does not have a fixed supply. The BTSX network "prints" as much bitUSD as is necessary to keep the price of bitUSD below that of fiatUSD, and destroys as much as necessary to keep the price above that of fiatUSD. Hence, the price of bitUSD can be neither above nor below that of fiatUSD.
It's very simple: fixed supply = variable price, and fixed price = variable supply.
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The Federal Reserve controls the USD supply.
Replace "Federal Reserve" with "DAC" and add "bit" to "USD"...
The DAC controls the bitUSD supply.
CONGRATULATIONS! YOU'VE JUST INVENTED FEDERAL RESERVE 2.0!
That's the goal. Now what if you had a chance to purchase shares in the Fed in 1920?
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Bitshares is self-admittedly an attempt to recreate a central banking scheme in crypto form. Bitshares' DPoS is a centralized consensus system that relies upon a set number of nodes achieving consensus.
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In practice BitShares isn't a distributed system, it is more like coordinated synchronized time shared centralized system. -bytemaster
These 101 delegates are responsible for including transactions on the bitshares network. Now think about this. The DAC attempts to set monetary policy for the "bit assets" depending on the market price. If there are more sellers, the DAC destroys bit assets. If there are more buyers, the DAC prints more bit assets. So, whoever controls the transactions included on the blockchain controls the DAC or monetary policy that the DAC enacts on the entire network. Who controls the transactions included on the blockchain? The 101 delegates.
How does the Federal Reserve set the monetary policy for the US dollar?
Federal Reserve monetary policy is decided by the FOMC (Federal Open Market Committee). What is the FOMC?
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It is this Federal Reserve committee which makes key decisions about interest rates and the growth of the United States money supply. -Wikipedia
The Federal Reserve achieves consensus on its monetary policy via a committee made up of delegates.
Bitshares = "Federal Reserve 2.0"
Bitshares' delegates = FOMC