I've only really started learning about crypto and I don't really see the point to all these million different exchange tokens.
Most of them just seem to speculative tokens with no actual function as far as I can see

What do you think?
Not all of them are, because exchanges are popular or well-known, of course the tokens will also have value and be useful for traders there, even though each exchange and token compete with each other to be the best among millions of tokens.