IMO to make bitcoin valuable there needs to be some important service or obligation that can only be obtained or settled with bitcoins.
Well there is, or why do you think we are all here, because we like to play with make-believe tokens?
The security and anonymity afforded by the substantial computational power, and electricity, that goes into maintaining the network integrity provides precisely that value.
If another P2P, or other network, could put up the same hardware and energy for secure, anonymous transactions then their digital units may have similar value.