I didn't say it had no real value. I said it had no real value other than speculation. What you just described is the speculation value. I think having the currency have value beyond speculation is what will drive the market cap up. I don't think speculation alone will do much to increase the market cap above what it is now.
Also, other social media platforms didn't have a way to sell products and services early on, but they also didn't get people to join with a carrot of making money. Steemit is vulnerable to losing a lot of people due to the method of attracting members. If too many members don't make money and leave, then Steemit loses viability.
Thanks for the explanation!