Of course it’s spendable, although the number of commerce’s you can actually use it in directly may not be that large, many others resort to using gateways to perform the action. Still, the total amount of accepting commerce’s is very small in comparison to fiat.
Nevertheless, the core focus is currently set on speculation (or store of value as some would see it), and whilst the price continues to fluctuate so much, the core focus is going to be here.
Of course it's spendable as you are describing.
But I'm talking about the minimum amount spent without paying as much as fees. I don't think spending 10$ + paying 10$ in fees on it is a good spending manner.
It would be pretty balmy if everyone issued their own coin "backed" by the bitcoins they had. You can’t have millions of shitcoins and expect it to be of any use (the "backed" feature would be non-enforceable), so if acontemplating a Bable Tower of personal issued coins wasn’t enough, there’d be no way to guarantee their supply nor their backed by amount. Pretty wild…
The community can always verify that the backing address always contain the correct BTC amount.
I agree this is so ugly, I'm not even sure if it's a good way to tackle the fees limitation (let's be OK that 2000 sat of fees is not sustainable at all as BTC grows).
Also the issue you are pointing is exactly the same when some central banks go rogue or overprint their fiat currency or go bankrupt. The same applies for BTC-backed currencies, since the logic I'm aiming is the same as for central banks.
Each coin should comply with the BTC-backing requirements so I doesn't simply sink.