yes, but who uses it for its intended purpose? I'm not talking about buying and staking, but about using it on a daily basis, just like using the Google browser. Because you need it and not because you are counting on speculative profits? Try to estimate this number. Divide $20 billion by it and you will probably come up with the fact that each real user is valued at $100,000 - $1 million to justify the capitalization of $20 billion that ATOM have.
First of all, Cosmos (ATOM) has $2B in market cap and not $20B, then regarding the usefulness of the native token for its intended purpose I think Cosmos (ATOM) has that, we can see the real proof of that from their MC rating on CMC. People in crypto are not so stupid as to see which projects have value and which don't.
All the projects mentioned by the OP can easily drop by 90% and they won't even touch their proper valuation based on the product and the number of real users.
I agree but not in a short time (except $JUNO), other projects may slowly have their token prices fall along with progress on the crypto side, depending on whether the project follows the developments and hype that occurs or not.