usability of a coin is a facade. This is true for most of the coin. Bitcoins are supposed to be used for payments, but no one uses them for payment. This is the early stage of DotCom boom. Most coin if not all will disappear.
All of steem infrastructure are necessary for the illusion of progress. It doesn't have to really work. See EOS. No products are built on it but its way more worth than steem.
I agree... its definitely a facade... in fact it all becomes apparent when there is no need/demand anymore... The fact is that it was always an arbitrary value, but propped up by the utility of the services built to use it... Take those away and the whole thing crumbles.