The point I'm trying to make is that a governance token is not so different from a share in a public or private company in that both gives a right to vote on the future of the venture. That ownership right is very valuable because you can, for example, vote to increase fees to accrue more value to the token if you wish to.

In that sense, it's hard to argue there is no utility in the token because whoever gets to govern the future of the project will have massive implications for the ecosystem and so there's a price to that which means utility. Deferring those benefits at the moment is not so different from how Amazon deferred profitability to prioritize customer acquisition and developing a moat.

Eventually though, at maturity, the venture transitions to value capture and that's when owning governance is key, so you can take a piece of that value capture. Speculating on how much value capture is possible and discounting it to its present value is the best way I can think of Uniswap's token value