The value is being created in Layer 2 projects, not staking Hive. BTW, I do not think that HP lease is a good measure (without checking if the rates you used are up-to-date with post HF25 world where you cannot earn on "curating" optimally by finetuning the timing on big accounts) as the HP lending industry is simply no longer attractive.
Going back to your question, the social media side of Hive is still shaky but it is a gateway to various DeFi/GameFi operations (CubFinance, dCity, Splinterlands).