The point is that the application owner does not become a central authority of authenticity though, the blockchain does. The application owner is just one of many acknowledging authenticity.

Many different applications can build on top of this open authenticity verification. This decentralised layer for authenticity verification is much more powerful than a single application builder can achieve with their own database. The concept itself is very powerful for interoperability but some of the valuations of assets currently feel ludicrous.