Op is missing on a fact that bitcoin as a production cost as well. The mining rigs are expensive. Electricity requirement is real and maintenance requirements are there! We are not living in 2009 anymore where our laptops are able to produce bitcoins. So when OP is saying perceived value - it's fundamentally incorrect!

Also bitcoin doesn't need to be backed up by some commodity. Not everything on earth need to follow a traditional method. Sometime out-of-the-box assets are far more sustainable than others.