Depending on perspective - and people in here clearly have many different perspectives - the purpose or value of Bitcoin can be different. But an objective view on that shows Bitcoin is failing on all the different purposes:

Bitcoin is a currency - no
It is failing as a currency, because a currency that dips up to Christmas when you actually want to spend some money is useless.

Bitcoin is a store of value - no
It is failing as a store of value as the extreme volatility makes it like storing water in a bucket with holes in the side

Bitcoin is a better payment tool - no
It is failing as a practical means of payment due to the extremely high transaction costs

Bitcoin is an investment asset - no
The extreme transaction times prevents any normal type of trading of an investment asset, drastically reducing market liquidity - meaning it has failed as an investment asset

Bitcoin is community driven - no
The community has clearly been shouting for something to be done in terms of the transaction costs and transaction times, but devs don't care

Bitcoin is for the poor - no
Only the rich are benefitting, with the poor now seeing their money being trapped behind a "wall" of transactions fees in excess of 100$