You can write only a little of bytes, and it costs a lot. Maybe there are some theoretical use-cases for Bitcoin as a database, but on practice no one is using it as such. There's no way that the database use-case is giving Bitcoin more than a dozen of dollars of value.

Scarcity is the factor that amplifies the value. Decentralization is the origin of value, it makes Bitcoin unique compared to all other electronic money. Even if Bitcoin was inflationary, it would still be worth a lot.