I have seen many exchanges have launched their own token like Binance with BNB, Idex with IDEX, Hotbit with HTB, Yobit with YO etc. where exchanges use their own tokens as another way to pay fees to support token. In addition to it, different strategies are used to create a hype like decrease in supply etc.
But if an exchange goes through a hard period of time and shuts downs then ultimately that token will come to its end because there is no community other than that exchange supporting the token simply because it has no usage outside the exchange.
According to me exchanges should promote the usage of their coins/tokens outside the exchange to build a community in support of it. If your community consists of huge individual entities who believe you then a great community can be formed. Otherwise lack of applications would lead these things to disaster.
in my opinion it is very difficult to make token from an exchange that can have functions outside the project, because the project of the token is an exchange, so the team must focus on the exchange to be the best and that will make a lot of people use the exchange, then it will make the exchange or the token can survive, so the most important thing in my opinion is to develop the exchange for the better and not focus on making the function of the token outside the exchange, because if the exchange can be better than other exchanges, then I am sure that many people will use the exchange and make the token useful.