But isn't there value being created in actual legitimate blockchain projects like Filecoin and Storj (dropbox replacements)? For these slower growing coins, isn't the value coming from the utility of the product?
No. Cryptocurrency valuation is 100% driven by narrative, categorically.
Your post in and of itself exemplifies the narrative pumping rhetoric which is at the core of all cryptocurrency valuation. There are absolutely no exceptions to this, and that is not an exaggeration in any way.