No, speculation is actually a very good thing. It helps to determine the real open market value of something, so economy can work properly. If prices were dictated by some central organ, it would be planned economy like the one that was in Soviet Union - time has proven that it doesn't work, because without market signals it's impossible to allocate resources efficiently. Those who hate traders are usually just envious of them, because it looks like traders are just making easy money. But in reality it's a very hard job.
Agree with you, speculating is one of the driving force of economy, of the trading business in particular. Speculating is the basis on the decision-making of every trader. Will bitcoin price go up or go down? Will I sell now or hold for a longer time? Shall I trade to other coins or convert to cash? That's the questions of each and every bitcoiner, trader. And that what makes the market alive, because the combined efforts of each and every participant in the market or economy is what runs the trade.