Exactly. It had some value as peer to peer cash while the fees stayed low (and before other crypto did it better, eg bitcoin cash). But after that, well people didn’t want to say, well we have all this hash power supporting an inferior exchange of value, so maybe we can sell it as a store of value. But a store of what value? Its only value was as an exchange, so if you remove that, it has none. Or rather it has the value people have been convinced to believe it has. And clearly humans are pretty susceptible to extraordinary claims without any actual evidence. So the narrative works for ages. But not forever.
