In my opinion the community gives it value. As it is with every currency, if its not used and accepted by the people there is no value in it. Same goes for gold. After all that is also just a metal, if people decided to value iron more and do use that as a store of value that is commonly accepted, this maybe would be todays precious "gold".
It all depends on how would the people value the coin and their perception of it if it would be useful or not. The more demand the coin has, the more valuable it would become. A thing would be worth nothing if it is useless. A coin would be valuable if it has a use like BNB or binance coin. People buy it because when you use binance coin in the exchange as trading fee then you would get a discount so it is valuable. Other coins that has projects that are abandoned or not developed by the team has no value yet and for those abandoned will eventually be worthless if there is no demand. They are just use currently as pump and dump coins.