Right now crypto is viewed as an asset class, not a currency. Most jurisdictions and countries take this same view.
What gives a medium of exchange value? My point being, who's to say steem is worth X, when someone else may say it is worth Y?
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Bitcoin was created as a medium of exchange and it used to be one when Silk Road existed. Who is to say that it won't become one again? This is not imagining something new, this is going back to crypto's roots.
To your second point, it is pretty deep so I won't answer that now. Anything I say now may be too vague and abstract for any constructive conversation. I will most likely make a more detailed post about it later on.
Yes that is true, but I guess my point is what gives it a specific value to the point where one could claim it is undervalued or over valued? Number of transactions? Cost of mining? I mean those are some cited valuation methods currently, but they are a bit flimsy. Currently, just about everything is based on speculation that it may have a tremendous use case down the road. However, currently there aren't really any fundamentals that say whether something should be considered undervalued or over-valued. It's all speculation.