What lends value to the coin?

How is it different from any other coin on Ethereum - at least those provide some sort of business plan which may lead to real value? Does it do anything apart from taking the name Bitcoin, adding e before it for ethereum and use a smart contract for management? Any other features it adds which are not in the underlying platform?

Only plus point for eBTC is that it was freely distributed(?) to 8000 participants. I mean, I can create a coin, distribute 90% or 99.99% of it to others for free and essentially make money for myself for free.

Thoughts?