Also, what is "the real world"? At this point, considering how massively popular Minecraft is, Minecraft __is__ an extension of the real world at this point. It's very unlikely that we will ever lose Minecraft to history. Commit the worldsave to a repo and that world is as good as the real world.
I've found positive outcomes from playing the game as well, beyond gaming: for example it helped me realize that you can have a lot of things (in game: build materials) but it doesn't mean anything if you don't use them (in game: build something!). It also helped me reconnect with old friends (we play together in our server, hop into a voice channel sometimes and we also share unrelated stuff outside the game). I know it helped some people get through the pandemic.
It's also a good motivation for kids (and grown-ups!) to learn basic server administration, plugin development, community moderation, and some people also like to fiddle with textures as well.
The game is a creativity source, very much like Lego bricks. The things you do in-game may not have much value, but I'd say it yields great results in the players :)
I have a genuine question as I’m very naive to Minecraft. I see a lot of time / thought / energy dedicated to making things in Minecraft and can’t help but feel it’s a bit of a waste of time. I think I feel this way because I don’t know much about Minecraft or the community. Other than for pleasure (which is a plenty good enough reason on its own) is there any value generated here? People can obviously do what they like with their time but I would much rather spend my precious hours working on something to add to the real world.