I honestly don't believe anyone actually uses any of these alt coins. Covals main focus is instead of hype to get real usage and admittedly that usage is zero so far. So seriously is anyone actually using any of these platforms. I highly doubt it which means the whole thing is bullshit speculation and likely to crash.
i wouldn't say all of the altcoins but i can say this with confidence that 99% of them is like what you said, no one uses them and they are only there as a means for speculation and as we all know it as way to get pump and dumped to make more bitcoin for those who can get in fast and get out faster.
but there are 1% or less that are actually offering some good features and are used in a very tiny scale but they are used nonetheless.
e.g. LTC and XMR