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This does not mean block chain is wrong - block chain is a technology likely with a lot of good commercial applications, just like the internet.
A blockchain without tokens is just a distributed database. There's nothing new about that. It's like claiming that telephone lines were the innovation behind the internet.
It's when piecing the various parts together that lead to cryptocurrencies that things get interesting.
But similar to the dot-com bubble almost all of the current investments in "products" using block chain completely lack a fundamental sound business model, and the cryptocurrencies are foremost amongst those.
I absolutely agree with the first part of your sentence -- that blockchain "investments", specifically ICOs and such -- completely lack the fundamentals of what makes a worthwhile investment. I also agree that in this part of the crypto-ecosystem there's a lot of shady shit going on, trying to sucker people into what they believe is quick money.
The point I am trying to make is that Bitcoin is not simply one of many startups -- it's the fundamental technology that lies at the heart of it. It is not the equivalent of dot-com company -- it's the equivalent of the internet.