This could all go in many directions, depending on your perspective... but you do make a very valid point.
On the other hand, we could also look at the inflationary nature of the supply of Hive vs. the static supply of Leo. Leo is relatively scarce, so does that open it up to more pump-and-dump situations, once the wrapped version is reality? Do we need to look at the "underlying asset," like one does with stocks? Is the independent development happening with the LeoFinance brand valuable?
Whatever happens, it'll be exciting to watch... my little stash of LEO from the very early days of SCOT tribes on Steem-engine has certainly gained multifold...
=^..^=
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The activity and, as you say, the brand of LEO is the underlying asset. It has value although it is likely the price will not mirror it. There is a chance that we do see a pump and dump scheme with wLEO. It seems that is commonplace in the Ethereum DeFi world these days. It is as if they go through a rotation to see what they can pump.
This is the valid point I think people need to remember. Receiving a multiple increase in the value of one's holdings can really make a difference. This is especially true if one received them as a reward as compared to buying.
Many different forms of accumulation are now possible.
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