The only value of ETH at the moment seems to be through facilitating trading crypto via USDT/USDC but not USD directly. People who think USDT and USD are equivalent can use it to trade with limited KYC on various exchanges, as opposed to USD directly where there will be full KYC.
The problem/irony is that ultimately any profits from trading USDT/BTC or other pairs will ultimately need to go through a KYC'd exchange so the person can actually spend it on goods/services. Not to mention the main irony that people just trust a centralized party to prop up USDT to parity with the USD.
Crypto is full of morons. But I'm glad it's going up