First off...
I would argue that 5% is actually quite good.
The cutting edge of tech is always going to be 95% garbage.
Ask any venture capital investor.
Secondly...
I think of tokens as communities. Just because a random village in Uganda has no value to the world economy doesn't mean we should run around trying to colonize and centralize the world into an empire. That's exactly what we are trying to get away from.
The meme-coins and all the other garbage projects out there are casino outlets for new-money millionaires with a real function: to continue allowing them to spend their money and staying entertained while not leaving the network that made them rich. Until we actually build something better this is what we have. It is delusional thinking to just decide that these people need to leave their communities and spend their money elsewhere. That's not how this works.
We need to stop deciding what people should be doing and take a look at what they are actually doing.
Perhaps what we really need is better interoperability.
I would agree that 5% is not a bad percentage.
As for the gist of what you are saying, he is talking more technology but you are right. Until something is built, people will simply continue to do what they are doing. There is no reason to change.
Price action tells us nothing. Yahoo at $475 during the dotcom bubble ought to tell people that.
Hang around markets long enough and you see how neurotic they are. Ultimately, they tell us little about the value of what something has.