Well that's economy 101 - something has value if someone will pay for it. In that sense, an entry to a ponzi scheme is also valuable - many people do pay to enter ponzi schemes.

But looking at more concrete ways of value: technical merit, anesthetics, practical uses... It's falling short. So people call it for what it is - all hype, nothing else .

At least with crypto coins you can actually send it to people in a decentralized manner - that's valuable! Too bad it's slow, expensive and bad for the environment.