Besides the name of the maneuver, what says it has to be even remotely steep? The Airplane Flying Handbook gives a maximum, but no minimum. Quoted, from the AFH:
"A steep spiral is nothing more than a constant gliding turn, during which a constant radius around a point on the ground is maintained...the radius should be such that the steepest bank will not exceed 60 degrees."
Any examiner that says it has to be at least a 30 degree bank is wrong. You could do it at a 2 degree bank angle if you want, but you'd probably have to be at about 14,000 feet in order to make 3 turns and not descend below 1000 AGL.
I teach people to do whatever they're comfortable with....some like it tight and fast, some would rather do 20 or 30 degree bank angles and take longer. I prefer to do a more shallow 20 or 30 degree bank, but that's just me.
Whatever they do, I tell people that it still has to be a ground reference maneuver. You have to know where the wind is. If you're going downwind you should be at your steepest bank angle, and shallowest bank when coming directly upwind.
Also, make sure that the turns are all the same size...it is easy to make the first turn fairly shallow, then steepen the bank as you descend, but that is incorrect. Doing so proves you did not keep a constant radius.