Ethereum was created as fuel for smart contracts. Now this path for development is clearly abandoned. Ethereum devs don't care about smart contracts anymore. Only pressing issue is how to preserve the value of their ethereum investments. They want to promote it as store of value. The problem is as store of value bitcoin is unbeatable!
there are several kinds of 'store of value' ...usually when they are 'rare'... such as gold, silver, real estate , paintings etc. ... so, why not ethereum ?

Because the real purpose of this coin to become a utility coin and it's not as a commodity coin. People are still using bitcoin as the place to store their value even that's not backed by something that called gold, silver or even fiat money.