Think of bitcoin like sort of a digital, better version of gold.

Does gold have any "collateral" per se behind it that gives it intrinsic value? No. However, it's still considered to be a great store of value and hedge against fiat inflation. This is because the supply of gold is decentralized, it can't be manipulated by entities or organisations, and there is a demand for gold as a store of value.

That's how bitcoin derives its value from, in my opinion, and it's the same as gold. Bitcoin isn't representative money - it doesn't have a backing per se, but its supply is limited and hard coded, unlike fiat, making it a good store of value in the long run.