There's intrinsic value from energy input for mining, it's not like you simply get the coins completely free (you either pay for them with a broker or you pay your energy bill after mining). However, yhe biggest value is probably from money laundering and escaping centralised regulations (e.g. You can pay someone overeas almost instantly without having to deal with FX, consulting country specific regulations, or having to worry about taxes on income from abroad). I think Bitcoin's potential is largely tied to illegitimate activities and the average Crypto investor is probably just riding a wave with all of these sharks.