It appears to me that many crypto enthusiasts are into it but if one wants to be involved, it makes sense only as a speculative bet, not as a guaranteed path to riches.
No cryptocurrency will guarantee you riches so don't get it twisted before you over invest and run at loss. $PI is a big disappointment to a lot of people that was expecting something big from the community. After several years of making noise and couldn't lunch it on exchanges. They went as far as saying that when it will be listed 1PI will be $100 and it will be the next bitcoin.
Finally, when they lunched it in the exchange, the value was $3 and that was the end of $PI. Not quite long the value dropped to $0.6 due to pump and dump. $PI continues to depreciate slowly overtime and the current price is $0.345. It lost value 10x the initial price when it was newly listed on exchange. It's just an overhyped coin, not different from the rest shitcoins.
Such price expectations are simply exaggerated community speculation. It's simply unreasonable for a PI network whose value, in my opinion, isn't particularly compelling.
Talking about Bitcoin's replacement is utterly foolish. The community has no idea what it's worth, and comparing itself to Bitcoin is completely irrational, in my opinion.