Where does he say Ethereum is valueless? He just explains that ethereum made launching a coin easier (a point you dispute) and, as a result, more crap coins are popping up.

That most alt coins are crap is, I think, common sense. Such agresssive investment into something with such limited present-day value (i.e. The PE ratio, as it were) smells off. If cryptos are like other markets, they'll need to show more short term value soon, or crash.