Op is missing on a fact that bitcoin as a production cost as well.
Production cost doesn't invest in bitcoin value at all, miners produce bitcoins because they are valuable, not the other way around. If you invest your time and labor in something no one needs, this thing will have zero price despite production costs.
Won't disagree! But why someone will invest their time and money into something which no one wants? When a global community invests their time and money into something, it means it has value and demand. A production cost must be factored in while calculating the value of bitcoin, otherwise it doesn't makes sense!
If the market price of bitcoin goes below its production cost, the entire network will be doomed as new supply will stop. Everything goes hand in hand here!