For me, the value of messaging comes 99.99% from availability of people I'm messaging. For work, it's all Slack. For personal it's SMS. I haven't seen a compelling feature in a chat app since 1997.
It's true that if nobody you want to talk to is on it or willing to install it, then it's not of much use. It's also a bit harder to find really compelling features for direct messages. Though even for DMs, outside of Apple's walled iMessage garden, it's hard to get stuff like high quality photos, videos, and audio messages, reactions, stickers, etc that work correctly for everyone on all device types.
Group handling is where all of the apps really shine though. Doing groups in SMS is basically garbage compared to pretty much any chat app ever made.
Everyone keeps saying group. I've never had trouble sending group texts. Both my kids have had their whole classes in a group text for a year. SMS is the one and only "open" messaging platform left so your experience will depend on if you're using iMessage or Samsung or VZ or whatever other ones are out there. But as far as I can tell they're all perfectly fine and nearly indistinguishable.
Sometimes you want to talk to people without giving them your phone number. Imagine IRC but much more convenient.
How do you do groups texts?
It has a lot of good security features too, including support of account passwords, requiring verification of new logins on another device, letting you see all of your login sessions on any device and log out any of them, private groups with detailed controls for join links, etc. A lot of crypto people get mad that it doesn't have E2E encryption outside of opt-in "secret chats", but I don't think that's all that important.
It's also completely free of most of the dark patterns that plague most social media sites. No reshuffling of message order, optimizing for outrage and engagement, or pushing new content to keep you scrolling. No randomly banning or locking accounts for no apparent reason.
I view this paid account thing as an excellent sign that their future plans for the app are for optimizing user satisfaction instead of trying to appeal more to advertisers. I plan to sign up as soon as I can, and hope it goes well and helps us move towards a future where our social platforms see the users as customers to be served, not products to optimize the sale of to advertisers who become their actual customers.