I think there are people who genuinely think it has value. It's very popular in places like Argentina, Venezuela and Turkey where the local currency inflates so rapidly people cannot save money. To those people, its value is that it holds value better than their local currency.
There is also a lot of speculation in the space, which makes it very tough to determine how much actual value accrual there is
I agree. I think if Bitcoin falls it will be because development has completely ossified and is unable to react to problems. If quantum computing ever gets going, it will completely break Bitcoin's security model, and they don't seem to have the social coordination to respond to this kind of threat like other blockchains do