So this Pi network ends up on having a value.

I do tend to check on CMC and found this

There have been reports questioning the legitimacy of Pi Network. Please note that mainnet has not launched yet and the price displayed below for certain exchanges reflect the value of the IOUs and it may not be transferable across exchanges. Read more here and DYOR.
Source: https://coinmarketcap.com/currencies/pinetwork/

So this value reflect because of that IOUs? So it do smells some fishy on this one.