In my opinion, Cardano overperformed. The price is too high for his real value, at least right now. I wouldn't be surprised if it fell below 1 dollar
I do agree with you, the cardano chain is not really attractive to the majority of new developers to build its application on the ADA chain. I guess it will fell again when bitcoin goes even deeper than this time but in my opinion ADA is purely a hype and FOMO.
I see that only some defi were choosing ADA to build their application but the result is not so good.
ADA is over rated at this moment. I just see that based on its utility