Its not that "useful" and neither are most cryptocurrences. BTW, most cryptocurrencies are piss-poor investments with a horrifically bad track record for most long-term holders. So that comparison is not really a strong case in favor of Steem having a good economic model.
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I think that these coins need to be actually used rather than just treated as investments. They each have features that may be useful to someone, e.g. anonymous transactions. Steem has no fees and quick confirmations plus it can be used on Steemit to get influence. Being able to earn it here means anyone can get some. A few dollars may not mean much to me, but for someone in a poorer country it could make a real difference to their lives. If we can build up a market for goods and services that uses Steem then it will empower a lot of people.
Even with the low Steem price the Steemit account is worth millions. That should at least allow them to keep the web site going and possibly pay some developers.
The crypto world is pretty crazy. You have things like Dogecoin that were started as a joke, but are worth millions. There are some very clever people working in this area, but it must be tough to get people to adopt your coin.
Oh I wasn't suggesting that Steem couldn't go up in value, it certainly can, just saying being "useful" right now is a pretty of weak source of value, at least at this early stage. You can't spend it anywhere and you can't earn it anywhere except (in small quantities for most, at best) on the web site. That's hardly much use. "Potentially useful in the future" is certainly possible.
It's going to be interesting to see what people come up with. The technology is cool and I want to see where it goes. Cheers