Yeah, we know these are real people who exist. But there's a finite number of them, and we're talking about what happens after they've all either paid up or gone broke and everyone else is stuck with the shares of Gamestop they paid $450 for.
Every company (and stock) works under changing circumstances: regulatory changes, competition, technological innovation, economic/financial circumstances (economic prosperity, rate environment), etc.
Just because a bull case may not exist for GME-as-ownership-unit, does not necessarily mean a bull case does not exist for GME-as-contract-closure-instrument. If you want to focus on GME-as-ownership-unit, as a share in a retail business, that's perfectly valid. But that's not the only perspective.
Right now there's a bull case for GME(-as-contract-closure-instrument): that may not be the case in the future. But that's no different than any other commodity (IMHO).
Yes there is. The bull case is for those people who have options contracts that they need to fulfill.
If they do not fulfill those contracts there will be consequences: perhaps reputation loss, perhaps law suits, perhaps SEC investigations (with fines and/or jail time).
For those people, GME at even at $1000/share may be "cheap" compared to the consequences they face.