Very reasonable question! The reality is that crypto has value because people give it value. That is why any currency, even paper money, gets its value.

Yes it is a speculation vehicle. It is also a store of wealth. Many people use it as a savings account. And yes, some even use it to buy things (farmers markets in New Hampshire accepting Dash for example). It is easy to transfer, and there are few government regulations or taxes. Sounds like it has value to me!